Baby boomers are getting ready for a major transfer of generational wealth that may surpass $60 trillion. For this reason, parents in Texas and elsewhere who are affluent are becoming increasingly careful about how they handle their family assets. In light of this, parents are playing an active role in helping their children to develop prenuptial agreements in the event that they go through divorce.
Millennials are the ones who will end up assuming responsibility for taking care of the businesses, estates and gifted assets they inherit in the coming years. For this reason, there has been an increase in the number of millennials — and their parents — seeking to draw up prenuptial agreements. This does have a tendency to cause conflict in certain situations.
A prenuptial agreement essentially outlines how certain assets will be divided if two spouses end up getting divorced. The benefit of involving a parent in the prenuptial agreement drafting process is that the parent is often more familiar with the family finances at least the ones still under the control of the parent. The parent can help to ensure that all assets earmarked for the child are included in the agreement.
People in Texas may be leery of coming up with prenuptial agreements, as they might fear that it will spark conflict with the other party. However, sorting out financial issues before the wedding day may help people to protect their assets long term no matter what happens to the marriage in the future. A divorce attorney can provide the direction needed to create agreements that fully take into consideration the client’s best interests.