Wealth can Sometimes be a Problem

1. Wealth can Sometimes be a Problem A divorce at any stage in one’s life is not a pleasant procedure to go through. There are many things to consider such as spousal support, child support, costs of a suite etc.This becomes a little more complicated when your net worth is fairly high as there are additional details to deal with. Most couples, whichever one or maybe both have high net worth or a substantial estate normally take a precaution of entering into a prenuptial agreement with their spouse. This is done prior to the marriage agreement and remains in force even when a divorce is granted. The assets of that estate, whatever it may consists of are permanently removed from access and are therefore not accessible to the divorce attorney. If a prenuptial agreement exists it can make the drafting of the divorce settlement more difficult. There are attorneys who specialize in a divorce agreement when one or both parties have high value assets. This is where the high net worth attorney comes in. If one or other of the parties is intent on suing the other for a substantial sum which is in excess of normal alimony or child support then the prenuptial agreement may be placed upon the table. There are ways of contesting the prenuptial contract which we shall discuss. Most people think that the signing of a prenuptial contract solidly protects their estate in the event of a divorce. However, this is not always the case. There are a number of factors that can possibly be invoked to invalidate the agreement. For example, if one is coerced into signing the prenuptial agreement there can be some mitigating factors that come into play. The spouse can say that he or she was not given sufficient time to read the agreement properly, and some agreements are lengthy and may use terms that are not familiar to all. Also, you can argue the fact that the

2. agreement was signed under some emotional distress and it may not have been an issue when the couple agreed on the marriage. One party may also insist on the signing of a prenuptial agreement otherwise the marriage should be cancelled. Before signing a prenuptial agreement, each party should be given sufficient time to read through it properly and should have access to independent legal advice or counsel. Similarly, both spouses must declare their assets in full including insurance, benefit funds, real estate, retirement annuities, bank accounts etc. If this was not done completely it could be considered that you did not follow the correct legal procedure and therefore the prenuptial agreement may be declared null and void by a judge. There are items also which cannot be included in any prenuptial agreement such as child support however, it is not easy to overturn a prenuptial unless you were coerced to sign the document and if such an agreement exists you should seek some legal counsel. The high net worth attorney is fully conversant with the law in these matters and you should seek his advice when either or both parties agree to a divorce. It may seem unpleasant to enforce a prenuptial agreement when seeking a divorce however if the parties cannot agree on child support issues or spousal support the agreement may be examined by the court to see if it valid. Source: https://www.globalmkwanjashow.com/wealth-can-sometimes-be-a-problem/ ***********