One of the largest contentions in a marriage is the handling of finances. However, some individuals must consider their finances before they tie the knot. Individuals of wealth, either self-made or inherited, should consider a prenuptial agreement prior to a marriage. Maryland families of great wealth strongly encourage prenuptial agreements to protect the family’s assets as the money is passed down from generation to generation.
As children of affluence reach their late teens and twenties, many parents would have had conversations with them about the idea of a prenup in the event of a potential marriage. It has been advised for parents to begin the conversation early to avoid serious conflict with their child and their potential spouse. Establishing a commonality of a prenup between a parent and child before a potential spouse is introduced to the family will help avoid the portrayal of a negative view towards the child’s fiance.
When the family has a business that is multi-generational, a prenup agreement can be expressed as a part of the legacy in the family. It’s designed to protect the family’s wealth to keep it within the family and not see it leave with an ex-spouse. However, in the end, the child engaged to be married, not the parents, will need to make a full disclosure of the family assets in order to move forward with an agreement.
A conversation with a future spouse about a prenuptial agreement may seem uncomfortable, but it is designed to protect and avoid complication if a divorce occurs. It would be helpful to discuss and clear up misconceptions of prenuptial agreements with an experienced attorney prior to a marriage. A Maryland attorney can help clients walk through the steps of protecting their assets in the event of a divorce through a prenuptial agreement.
Source: Forbes, “Ex-leader of New Orleans tourism organization accused of fraud; wrote more than $70K in checks to herself“, Russ Alan Prince, May 3, 2018