Whether you are a business owner, an athlete or entertainer, an individual contemplating marriage later in life after having worked hard to build your wealth and your estate, or if you are simply an individual looking to protect your estate and/or wealth in the future, it may be advisable to consider entering into a prenup agreement with your fiancé or spouse to protect your financial rights through a Prenuptial Agreement before the marriage or a Postnuptial Agreement after the marriage.
Often times, a prenup is a difficult concept for individuals to discuss prior to marriage. However, it is one that may have to be discussed to avoid controversy or conflict in the future. The approach to prenups should not be designed to be punitive toward a prospective spouse. It is rather to clearly define each parties’ rights and obligations going into a marriage in an effort to help avoid those types of disputes at any point in the future. It also removes the decision-making of those disputes from third parties, such as judges and keeping control of the process between the parties. Prenuptial or Premarital Agreements could also be a useful vehicle in helping to avoid the tremendous cost and acrimony of contested divorce litigation and also help to avoid lengthy or protracted litigation through the court system.
READ JOSEPH R. NAPOLI II’s Article — “PRENUPTIAL AGREEMENT: NOT JUST FOR THE WEALTHY”