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Before the Ring: The Importance of Prenuptial Agreements in a High Net Worth Marriage

There can be a lot of stigma around prenuptial agreements because people perceive them as planning for a divorce before the marriage has even started. But for affluent, high net worth individuals, a prenuptial agreement is an important component of planning for marriage that can help protect your assets in case the marriage does not work out as intended. The skilled attorneys at The Troum Law Firm, P.A. have extensive experience working with a variety of high net worth couples as they plan for their walk down the aisle, and before popping the question or saying yes to the dress, here are a few reasons to consider a prenuptial agreement.

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What Is a Prenuptial Agreement

A prenuptial or premarital agreement is a written contract signed by two people before they get married, and it takes effect once the marriage begins. The proper creation and filing of a prenuptial agreement are crucial to its validity and ability to hold up in court in the event of a divorce. At a glance, premarital agreements must be written, entered into and agreed upon by both parties without coercion, and notarized.

Why It Is Important for High Net Worth Individuals

Prenuptial agreements can essentially help protect a person’s assets in event of a divorce. These agreements are important for high net worth individuals because they enter into a marriage with more assets than the everyday individual, meaning they, therefore, have more to lose in a divorce. Premarital agreements can also protect one party from being negatively impacted by significant debt acquired by the other party prior to the marriage.

For affluent individuals in particular, it is important that the prenuptial agreement is carried out properly. Because high net worth individuals have more valuable assets, it is imperative that those assets are accurately reported within the agreement. The terms of the agreement itself should also be as fair as possible and not lopsided in favor of one party or the other. The representation, state of mind and awareness of your fiance matter as well. Failure to accurately disclose all assets, draft proportionate terms and make sure the other party is of sound mind when creating and signing the agreement are all reasons for a judge to throw out the agreement in divorce court.

The Troum Law Firm’s attentive attorneys are well versed in drafting and filing solid prenuptial agreements for affluent individuals that will hold up in court. Whether you are planning to get down on one knee and propose or you’ve already said yes to a future together, contact our firm today for a confidential consultation to discuss the benefits of a prenuptial agreement.