Kentucky families who want to protect their family businesses and wealth over the long term may be well-served by making prenuptial agreements a standard part of family financial conversation. For many people considering marriage, discussion of a prenuptial agreement can seem adversarial, mistrustful or insensitive, especially if it is the first time the issue was raised. However, for people who grew up with a level of comfort with these types of agreements, the process of proposing and executing one may be far more rational and less stressful.
No one wants to go into a marriage planning for divorce, so a prenuptial agreement can be far from the radar of a newly engaged person. In many cases where family wealth or a business could be involved, their parents or other family members may counsel them to prepare a prenup. However, unless the concept was frequently discussed and encouraged in the past as a normal part of financial planning, raising the issue can be interpreted frequently as a rejection of their children’s partner. This can lead to more stress and division and do little to address the financial issues of concern.
While pre-existing assets are not generally considered part of marital property, a prenuptial agreement can be important to exclude forthcoming inheritances or prevent the division of a family business that grows during the marriage. It can also protect both partners in the marriage, not only the one with a greater amount of family wealth.
Despite all efforts, a marriage will sometimes lead to divorce. Whether a prenup is in place or not, a high-asset divorce can be accompanied by unique considerations and concerns. A family law attorney may help people going through a divorce address key financial concerns and work to achieve a just settlement in property division, spousal support and other important matters.