From Tennessee to Silicon Valley and beyond, divorce can be a difficult, messy process, especially when high-value assets are involved. Because marriage is considered a legally binding contract, the dissolution of the marriage often means that the contract becomes null, but the assets accumulated during the period of the contract are to be split as they were acquired during the contract period. To remedy this potential problem, some couples turn to prenuptial agreements before tying the knot.
The proof of the impact that prenuptial agreements can have is evidenced by the case of Amazon CEO Jeff Bezos. According to a report by CNBC, Bezos and his wife decided to split after 25 years of marriage, but no known prenuptial agreement was signed upon entering into marriage. This could mean that Jeff Bezos’ financial assets are to be split evenly as the couple go their separate ways, possibly leading to the forfeiture of many billions of dollars for years to come.
While discussing the prospect of a prenuptial agreement may be difficult for couples before the big day, doing so can ensure that each partner in the marriage understands what is at stake if divorce becomes a possibility. This can even go on to potentially strengthen a marriage as it sets expectations for what role financial assets play in spousal contributions to the relationship.
Although many people feel that prenuptial agreements are only meant for the rich and famous, these legal agreements are used by individuals from all walks of life who want to protect their interests should a marriage go south. An asset protection family law attorney may be a good resource to work with in determining if a prenuptial agreement is right for a couple prior to marriage. A family law attorney may also be able to provide representation if the terms of a prenuptial agreement are violated or are contested after a divorce.