With the new school year approaching and your child heading off to college, you've likely…
If your 22-year child is about to get married, what’s the first thing that comes to mind? What if that child happens to be the heir to a $480 million fortune (lucky you)? And what if their bride-to-be is the heir to an even more eye-popping $1.65 billion fortune (lucky them!)? If your answer was prenup, prenup, PRENUP, you’re right on the money. Or, at the least, you’re of one mind with the Beckhams and the Peltzs.
In April 2022, David and Victoria Beckham’s eldest son Brooklyn wed Nicola Peltz, daughter of billionaire financier Nelson Peltz and fashion model Claudia Heffner. Before they tied the knot, however, they signed what many describe as the “mother and father of all prenups” and it’s a good thing they did. After all, as much as one would hope otherwise, theirs wouldn’t be the first celebrity marriage to end in heartbreak and even if it doesn’t, signing a prenup shows awareness and consideration for all their families have worked for long before either were even born.
Planning for the Future: Prenups are Not only for Celebrities
The Beckhams and Peltzs of the world are not the only people who need prenups. Most marriages do begin with a prenuptial agreement, but beware of an “oral” prenuptial agreement, as that isn’t worth the paper it’s written on, but that is another matter altogether. While those with hundreds of millions in assets would be foolish to overlook this aspect of family law, anyone with anything they would be pained to lose in an unforeseen divorce (which is all of us) needs to consider this essential estate planning document.
Prenuptial agreements are often misconstrued as unromantic, pessimistic, or even miserly but the truth is that they are simply good, common sense. Two people rarely, if ever, come into a marriage with equal assets and none of us know what the future may bring. These two circumstances give rise to the need for a prenup.
A typical prenuptial agreement includes terms that:
- Protect the inheritance of loved ones and children.
- Protect inherited money, assets, and savings.
- Give both parties a say in how assets will be divided in the case of divorce.
- Protect you from your partner’s debt.
If one or both of you arrive at your marriage as the owner of a business, a prenup is especially important. The same is true if one or both of you owns land or real estate before marrying.
An experienced family law or estate planning attorney is your best resource for determining what should feature in your prenup and how the terms should be articulated.
Planning for the future and accounting for contingencies is far from the most fun part of celebrating a marriage but it is a cornerstone of ensuring your partnership is happy, equitable, and secure from the start.
To learn more about executing a prenuptial agreement or to get started today on putting yours in writing, do not hesitate to reach out to the Law Firm of Christopher W. Dumm either by calling 417-623-2062 or using the contact form on our website.
Contact the Estate Planning Attorneys at the Law Firm of Christopher W. Dumm