nassau county high net worth lawyers
Last Updated on
Going into a marriage with a lot of money is something that a lot of people do every year. However, you would be crazy to not protect yourself financially before getting married. A lot of people end up losing their fortune because they do not spend the time to prepare accordingly. Although divorce rates are dropping in the United States, there are still a lot of divorces every year. It is vital to take steps today to prepare yourself before getting married.
The good news is that this is now a common practice in many areas. If you want to protect your finances from a divorce, there is a process that you can go through before you get married. Our team has a ton of experience in this area, and we can help you in a variety of ways. Here are some of the most important steps to take in order to protect yourself financially in the years ahead.
Getting marriage counseling before the marriage is an important part of having a strong marriage. There are a lot of people who are excited about all of the changes that are starting to take place in this area. Marriage counseling was a long and drawn out process at one time. Today, you can take online classes with your future spouse before getting married.
Part of the discussion in this counseling should be your personal finances. There are a lot of people who do not discuss their personal finances before getting married. This is a huge issue that a lot of people have to deal with. Now is the time to start laying out a plan for your future lives together with your money.
Part of that plan should be about getting a prenuptial agreement. This is where the finances are already divided out in case of a divorce. Although no one wants to think about it, there are times when this happens in your life. If you have a lot of money that you need to protect, this is the best and most effective way to do it.
A major part of building wealth is investing. There are a lot of people who have been investing diligently over the years. As part of this investing, you have to have a plan for how to divide up your investments in the event of a divorce. Few people will sign a prenuptial agreement if the other party is going to get nothing.
The problem in this area comes in when a person owns a business or has a lot of land. These things are tough to divide out, and no one wants to lose family land or a business that they have been working hard for.
With all of these factors to consider, it is easy to see why a divorce can get so complicated with an agreement in hand before the process. If you have a high net worth, it is vital to plan for this event before the marriage actually takes place. Doing so will save you a lot of time and money later on in your life.
Many people today have a life insurance policy on them. It is important to protect your family in the event of your death financially. However, should you get a divorce, you probably do not want your ex-wife or ex-husband on your life insurance agreement.
As part of any prenuptial agreement, you need to have a plan to either dissolve the life insurance agreement or to transfer it to someone else. Not doing so could result in a disaster for the rest of your family if you do die. Over time, this is one of the most important things that you have to figure out in your prenuptial agreement.
Overall, these are never fun topics to discuss before a marriage. However, if you do not get a prenuptial agreement before you get married, you could leave yourself open to a lot of financial recourse from your spouse. Over time, you must figure out a plan in this area before it is too late.
Our team has a lot of experience in this area with helping people financially. We know all of the challenges that you will face in this process, and we have a plan to help protect you in the future as well. Now is the time to start working on a protection plan for the future in your financial life.