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The potential benefits of a prenuptial agreement

On Behalf of | Apr 30, 2020 | Family Law

Before your wedding takes place, it may be a good idea to discuss the possibility of creating a prenuptial agreement. A prenuptial agreement could protect your interest in a Wisconsin business or protect other assets that have been in your family for generations. This type of pact can also be useful in the event that you have children from a previous marriage or simply want to avoid a lengthy divorce proceeding.

Your family may ask that you consider a prenuptial agreement

If your parents or grandparents have a significant amount of wealth, they may ask that you create a prenuptial agreement. A parent or grandparent may also ask you to create such an agreement to ensure that their business remains in the family.

Prenuptial agreements can help to preserve future success

Let’s say that you have an idea for a company that you want to start at some point in the future. While there is no way to guarantee that it will be a success, there is a chance that it will become the next Amazon or Facebook. A prenuptial agreement allows you to keep the rights to intellectual property or other assets that add value to the hypothetical organization.

Protect yourself in the event that a spouse dies

If your spouse comes from a wealthy family, their assets could be protected by trusts or other tools. Therefore, you may only be able to access that wealth through the use of a prenuptial or similar agreement. You may also be able to protect yourself by asking your spouse to buy a life insurance policy. If your spouse passes away, you and your children might be entitled to a death benefit or other type of lump sum payment.

If you are going through the divorce process, an attorney may help you obtain a favorable settlement. Counsel may be able to review a prenuptial agreement or other arrangements negotiated after the wedding took place to determine if they are still valid.