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How to protect assets after a marriage

| May 7, 2018 | Divorce |

A person who is getting married in Texas may not like the thought of asking the prospective spouse for a prenuptial agreement. However, parents who have significant wealth may want to protect their assets in the event that their children get divorced. To make the concept of a prenuptial agreement more appealing, it can be a good idea to approach the subject at an early age.

This way, the child has a better understanding of the family finances and how they need to be managed. A son or daughter may also realize that he or she has a responsibility to ensure that family wealth is available for future generations as well. Instead of thinking of a prenuptial agreement as a bad thing, children can see that they help to preserve a legacy. However, an adult child who is about to get married could still see a prenuptial agreement as something to avoid.

In such a scenario, it can be a good idea to put assets into a trust. Taking this step can help to protect them from being divided if the marriage ends, which can prevent a family business from being taken by an adult child’s spouse. Parents can even create trusts that don’t allow children to access assets if they don’t have a prenuptial or post-marital agreement.

The end of a marriage could have significant emotional and financial impacts on a person. By creating a prenuptial agreement, it may be easier to settle a divorce in an objective manner as opposed to letting emotion dictate how the process plays out.

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