Tips For Prenuptial Agreement
Wealth and valued family property are often a very sensitive subject during divorce, especially when they are likely to fall into the hands of your spouse. You can take steps to prevent this by incorporating explicit provisions into your marriage pact. A marriage agreement will give you the opportunity to discuss the closing of your business, which is especially important if you have acquired it through the family estate. If you want to give your spouse an interest in the business, you can specify how the shares are split. Sharon: Well, in the context of divorce, there are certain techniques that the parties can consider when they have a beneficiary of a trust that was conceived in happier times, and maybe they no longer want that beneficiary to be in the trust agreement. There is a technique, particularly a very powerful technique called decanting, and that gives an agent the opportunity to potentially take the trust assets and lure them into a new trust with other conditions. There is a case that recently comes from Connecticut, in which an agent managed to put a very large trust of more than $100 million out of the reach of an outgoing spouse, because the agent put the trust in a trust with other conditions that the ex-spouse could not meet. It is very powerful in the context of divorce. What I see is that some lawyers are now doing to prevent a beneficiary from being indelible in a trust contract, which is to use a concept that trust and discount lawyers use as a concept of love: “floating spouse,” which means that the spouse with whom I was married at the time of distribution is the spouse I want to take advantage of. And of course, it adapts to every marriage, divorce and remarriage. I have a few lawyers telling me that it doesn`t really create a good mood when you have a married couple in your office and you have this concept of “floating spouse”. This should show how important it is to organize your wedding carefully and to always rely on experienced legal advice when entering into marriage contracts.
Includes 2 checklists as well as tips on dual representation, what needs to be disclosed, helping children from a previous marriage and much more. Sharon mentioned marital agreements and premarital planning. Is this part of your practice, Madeline? There is a widespread misunderstanding about pre-marriage arrangements, and that is that they are some kind of legal weapon to be used by wealthy couples in divorce proceedings. While divorces from top celebrities can reinforce this idea, the truth is a little more prosaic. Integrating the skills of a trained mediator can be a particularly effective way to negotiate points in a marriage contract. The mediator can also address key issues and focus on achieving a mutually beneficial outcome.