Bowden Cyr, PLLC - Attorneys At Law

Why wealthy parents may want their children to sign prenups

Some children in Minnesota may feel pressured by their parents to have a future spouse sign a prenuptial agreement. However, this often has little to do with how the parents feel about that spouse and more to do with their concerns over protecting the family wealth.

Their children might not see it this way, and this is why it can be important for parents to start this conversation with their children while they are young adults. Planning ahead helps to keep the focus on the legacy and diverts it away from a focus on any one person. Parents may also frame the issue as being about making sure their children's children receive that legacy as well.

Another reason to raise this issue early is that it acquaints children with wealth management. Since financial disclosure is one stage of creating a prenuptial agreement, it's wise to have a firm understanding of the family's assets before tying the knot. Parents who are unable to persuade their children to sign a prenup may place assets in a trust to protect the funds from the other spouse in case of divorce.

A high-asset divorce in which one person has a great deal of family wealth or a family business may be complex. Even if there is a prenup, the other spouse might challenge it under certain circumstances. If one spouse is trying to protect family wealth, a family business or other assets, the divorce may become contentious. However, it may still be possible to negotiate an agreement instead of going to litigation, which could be more expensive and time-consuming.

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Bowden Cyr, PLLC - Attorneys At Law

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