A prenuptial agreement is an important but sometimes unsavory topic for couples in Minnesota. This is especially true when there is considerable family wealth at stake. While everyone hopes a marriage lasts forever, the fact that almost half of all marriages end in divorce cannot be ignored. High-asset divorces can be costly and financially devastating. However, a prenup can prevent many of these costs and losses.
In wealthy families, the parents are often more concerned with prenuptial agreements than their children are. If a child has not been educated well about finances, the family’s wealth or the importance of a prenup, they may avoid having this conversation with their partner. Parents might then try to force the issue, which could make the potential spouse feel targeted or threatened. Some experts suggest that parents avoid these problems by having the prenup conversation with their children early, before a marriage is even being considered.
Having a prenup conversation early has many benefits. For example, it could make the child more comfortable with the idea of a prenup so that they in-turn will be more comfortable discussing it with a potential spouse. Blame and targeting are avoided by ensuring that the conversation is about the importance of a prenup for any marriage and not about what a particular spouse may do. Finally, an early prenup discussion forces the child to have a thorough look at the family’s wealth. This can open up other important conversations about protecting and preserving that money.
Crafting a prenuptial agreement for a wealthy family isn’t easy. It’s important to ensure that the wording of the agreement protects assets properly while also not creating unnecessary limitations, hassles or hard feelings between the couple. A divorce attorney could help create a prenup that will serve the marriage and help protect wealth.