On behalf of Kelly Law Office, LLC posted in high-asset divorce on Tuesday, May 8, 2018.
When the children of wealthy Ohio families are planning to get married, they may not always consider using a prenuptial agreement. This is often an option that is pushed by the parents who may be concerned about keeping wealth within the family rather than going to a spouse in case of divorce. However, children may resist it.
One element of creating a prenuptial agreement is full disclosure of assets, and for some children, it might be the first time they are fully introduced to the extent of the family wealth. It is more common for children to raise the issue of prenuptial agreements on their own if they have been brought up with the understanding that they should do so.
Some experts suggest that parents start talking about prenuptial agreements with their children when they are in their teens. This normalizes the idea of the agreement. Furthermore, by starting to discuss it before the future spouse is in the picture, the agreement does not seem as though it is about a particular person. A prenuptial agreement can also be thought of as a way to preserve a legacy and ensure that a person’s children receive their inheritance.
If a couple does not have a prenuptial agreement and they decide to divorce, they will need to decide how to divide property. This could be a complex process, and people should be careful they understand the tax and other implications of some types of property division. For example, to divide a 401(k) without incurring taxes and penalties, they will need a document known as a qualified domestic relations order.