Pre-Wedding Precautions for High Net-Worth Individuals
High asset individuals require savvy legal planning as well as wedding planning
While planning for a wedding is a joyous time, it is important that you take a rational view of your personal and financial future as you prepare for your upcoming nuptials. While every marriage opens with the optimism of a lifetime together, it is important to not ignore the somber fact that nearly half of all marriages end in divorce.
Given this fact, you should take the opportunity before the marriage to discuss a reasonable, equitable and tax-friendly agreement in the event of a divorce. The skilled legal team at Kidwell, South, Beasley and Haley can help you craft a prenuptial agreement that ensures a fair division of the assets in your high net worth marriage.
What should I do before my marriage to avoid a contested divorce?
One major step high net worth couples should take before a marriage is entering a prenuptial agreement. These agreements outline the division of marital assets in the event of a divorce, and are generally considered valid if “spouses entered into it freely, knowledgeably, in good faith and without exertion of duress or undue influence upon either spouse.” There are some steps you should take to ensure that an equitable prenuptial agreement is crafted, these include:
- Taking stock of existing martial assets: Though it is likely that additional assets will be accrued throughout the marriage, it is important to take stock of existing ones and make note of any personal preferences for specific assets. For instance, if there are high-value pieces of art or classic automobiles, it may help to have them appraised so a clear value is established.
- If you are a business owner, plan accordingly: There are certain steps that business owners can take to protect their business interests from a divorce. You may need to set up a shareholder agreement or trust, and it is best to attack this early and protect your business from a potentially messy divorce.
- Meet with your financial professionals: A financial advisor or estate planner can help ensure that your assets are structured properly to protect your money and business. There may also be potentially large tax implications that can be identified preemptively.
Though it may be an unpleasant conversation to have during an otherwise joyous time, proper prenuptial planning can help ensure that if your marriage ends in divorce, the terms are decided in advance in an amicable fashion.
Meet with a Murfreesboro divorce attorney today and plan ahead for your high net worth marriage
An experienced attorney is just one of the professionals you should speak to when planning for your marriage, but our team at Kidwell, South, Beasley and Haley can help ensure that your legal needs are well accounted for. Contact us online or at 615-893-1331 for help with your pre-marriage planning.