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Should a high asset divorce risk prompt an estate plan?

It's definitely no secret that a large number of all marriages end in divorce. That being said, not everyone that has been divorced refrains from doing it all over again later. When individuals that have spent their entire lives building their wealth look to remarry later in life, it may be beneficial to include a prenuptial agreement as part of their estate plan.

Marriage, like divorce, is half an emotional investment, and half a financial investment. It is for this reason that individuals entering into marriage later in life, after building wealth, may wish to draft a prenuptial agreement in addition to their comprehensive estate plan. This does not necessarily mean that a prenuptial agreement should be included in an estate plan, simply as an addition to an estate plan as a way to address property division issues in the event of divorce.

Being married later in life, whether it's the first, second or third time may open individuals up to unnecessary liabilities, especially if they have substantial assets and wealth. Just as individuals plan for how their wealth will be handled after death, it may be worth it to plan how it will be handled in the event of divorce.

Prenuptial agreements can address issues related to property division that may otherwise affect an older individual's estate plan. If there are children from a previous marriage, a prenuptial agreement may serve as a way to better protect any legacy meant for them and may serve as added protection for property acquired before the marriage.

By working with an experienced divorce attorney, individuals concerned with protecting their wealth in the event of a late-life divorce may be able to draft an effective prenuptial agreement that provides additional estate protection.

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Goddard & Malmquist

Goddard & Malmquist
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Barrington, IL 60010

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