For many wealthy families, a prenuptial agreement is an expected part of wedding planning, no different from choosing place settings or refining the guest list. Texas families want to protect their loved ones from harm, whether that be emotional or financial. In some ways, having that family expectation can make it easier to broach the subject of a prenup and prevent the loss of assets in the event of a high net worth divorce.
Another approach is to tie an inheritance to a prenuptial agreement. Children or grandchildren who do not get a prenup before tying the knot will not have access to their inheritance. While this may seem like an unkind approach, it is actually an effective wealth protection strategy. In the long run, it is also an approach that many spouses appreciate.
Few prospective spouses would act to prevent their partner from receiving an inheritance because of an unwillingness to sign a prenuptial agreement. Having that family requirement takes some of the pressure off the individual and makes the matter less personal. That can make it easier to discuss the issue and the intentions behind the requirement.
For those in Texas who are considering marriage, it can be helpful to think about how to broach the subject of a prenup. In some cases, a standing family tradition is already in place. For other couples, sitting down with a financial advisor can be a good place to start. There are plenty of ways to draft a prenup that protects both parties in a high net worth divorce.
Source: wealthmanagement.com, “So Your Client Is Getting Married…“, Marvin Blum, Feb. 5, 2018