Divorce is never easy. No matter how amicably two people may try to come to a solution, splitting up assets and property can often be a significant source of friction. As such, it is vital for couples who are about to get married to think about the future and what might happen if their relationship does not last. Couples can prepare for this potential outcome by signing a prenuptial agreement that includes provisions for dividing marital property in the event of a high-asset divorce.
Benefits of a Prenup for High-Asset Couples
A prenuptial agreement is often considered a smart move when it comes to high-asset divorces. It creates a legally binding plan for the division of assets, income, and liabilities in the event of a divorce, which can help avoid complicated court battles. With increasing numbers of households with high-valued assets, it becomes essential for couples to sign a prenuptial agreement before their marriage, no matter their asset holdings. Prenuptial agreements can benefit both parties by setting fair terms for everyone involved and allowing each party to enter into an agreement with peace of mind.
Can You Modify a Prenup If You Gain Wealth After Marriage?
It is important to note that you can modify a prenup anytime. If money is gained or lost anywhere throughout the marriage, spouses can negotiate an updated contract through a postnuptial agreement. Each state has its own laws governing the production and enforcement of prenuptial agreements, so it is best to consult an attorney beforehand to ensure any modifications are valid, especially if you have moved since the prenuptial agreement.
Review Your Prenup Before Asset Division Negotiations
Reviewing the prenuptial agreement before any negotiations is essential. By taking this step, both spouses can ensure they’re making decisions based on knowledge of the existing contract. They will also have an idea as to what might be open for discussion and potential compromise. Taking this proactive approach reduces much anxiety that could arise out of misunderstandings.
Retain Skilled Pasadena High-Asset Divorce Representation
Our team at Gille Kaye Law Group, PC specializes in providing experienced counsel throughout all stages of the high-asset divorce process. We are committed to protecting our clients’ legal interests while exploring all options for resolving issues as efficiently as possible. To discuss your high-asset divorce case, prenuptial agreement concerns, or other family law matters, call us at (626) 340-0955.