Prenuptial agreements are more common today than they were even a few decades ago. However, that doesn’t mean that all – or even most – couples choose to get one. If your young adult child is getting married and they’re not interested in putting a prenup in place, you may have some valid concerns that family assets and perhaps a family trust or business could be at risk.
There are ways to set up a trust for your child that can prevent their spouse from being able to take a share of the funds if the marriage ends in divorce. However, there may be assets your child isn’t even fully aware of that could potentially be lost if the marriage ends in divorce.
You’re not the only one concerned with things like this. The American Academy of Matrimonial Lawyers surveyed its members and found that almost two-thirds said they were seeing more parents getting involved in their Millennial children’s prenups.
How much involvement is too much?
To protect the validity of the prenup (and your relationship with your child and their spouse-to-be), you don’t want to place too much pressure. You certainly don’t want to pressure or in any way threaten your future son- or daughter-in-law. One of the leading reasons prenups are ruled invalid by courts is that one of the spouses was coerced to sign it.
If the couple agrees to get a prenup, you should not specify the language or require particular provisions. You also need to stay out of provisions in the prenup that don’t involve your money.
It’s important for your child to know what assets you’re asking them to protect. Then they can work with their attorney to craft language that will do that. Remember that their future spouse will also need to have their own attorney involved in the prenup to protect their interests.
A well-written prenup that will hold up if it’s ever challenged is one that protects both parties. That’s why it’s crucial to have sound legal guidance.