Love is in the air, and wedding bells are ringing. As the New Jersey couple prepares to walk down the aisle, their thoughts are on love and building a life together. Thoughts of a high asset divorce and the need for a prenuptial agreement are often not in the forefront. Yet, this is the time when the couple needs to openly discuss their current financial picture and address the possibility of things not working out in the future.
Prior to marriage, it is likely that each individual had accumulated a number of assets. One or both may own a home, a business and/or a variety of investments. Right now, it may not seem like it is necessary to protect these assets; however, things can change. Additionally, it is possible that one or both individuals have accumulated debts that may be carried over into the marriage. What began as a loving union may not remain that way.
Some believe that a prenuptial agreement is planning for the marriage to fail. In reality, it is an avenue to discussing each individual’s current financial position and philosophies. It can help each individual understand the other’s point-of-view regarding investing and spending. This discussion can actually prevent conflict down the road.
Then, if the marriage does not work out, the ground work is in place to protect each individual’s assets. While this was not the plan when the New Jersey couple married, it can assist with planning for the individual’s future following the high asset divorce. The first step is to discuss the need for a prenuptial agreement with each individual’s attorney.
