After you’ve healed from a divorce and open the possibility of finding a new relationship, the dating scene can seem both exciting and confusing. When you have significant assets, it can make you second guess any prospect’s motivations. While it is natural to start dating again and looking for your forever love after a divorce, it is important to keep your wits about you and make thoughtful decisions before tying the knot again.
The Importance of Protecting Your Wealth
When you wed, you vow a forever love, but that’s not always the way it plays out. Life happens. And if you have been through a divorce, particularly a nasty one, you can definitely relate. If you are seeking to or planning on getting married again, you will want to take necessary legal steps to protect your assets.
A prenuptial agreement (prenup) is one way to accomplish this. A prenup is simply a legal agreement between a couple that details how they will handle important matters should a divorce occur. Many couples avoid discussing prenups because they fear their partner will question their motivations to marry or the depth of their love. But there is nothing wrong with talking about “what ifs” with your partner. What if you have children, and one partner has to put his or her career on the back burner? What if one of you has a lot of pre-existing loans or debt? What if wealth accumulates or dissipates during your marriage? Discussing these types of issues, getting on the same page and creating a prenup to preempt possible future disagreements just makes good sense.
Wealthy couples often have extremely contentious divorces with bitter battles over finances – something you can avoid with a prenup. For example, the richest man in Russia, Vladimir Potanin, is currently going through a heated divorce after 30 years of marriage. He tried to stash a large portion of his funds in offshore companies to protect his assets and offer his wife a settlement, but she isn’t having it. With no prenup in place, his wife has started an international legal battle and is seeking half of his $15 billion empire. It is likely going to be a long, uphill, financially draining legal battle.
Prenups are Commonplace
A growing number of couples are creating prenups prior to marriage. According to the American Academy of Matrimonial Lawyers interview, 63 percent of divorce attorneys say they have seen an increase in prenups over the last few years. The three topics covered most often in prenups are the protection of personal property, alimony and property division.
Prenups are not just for the wealthy, though. Anyone can benefit from one. Written correctly, it can save you time, money and headache. For legal questions about pre- or postnuptial agreements or for legal assistance in creating one, call the Law Office of Molly B. Kenny at 425-460-0550 and schedule a consultation.