Protect Your Assets with a Prenup
Celebrity sisters Jessica and Ashlee Simpson's parents recently finalized their divorce, ending a 35-year marriage. Prior to their divorce, the couple managed their daughters' wealth, but argued frequently about the direction of the girls' careers and how to invest their money, according to reports.
Joe, Jessica and Ashlee's father, reportedly tried to control the divorce case and attempted to have the case moved from their home state of Texas to California. He may have assumed he would get a better settlement under California's community property rules. Tina, the girls' mother, wanted to keep the case in Texas.
A great deal of the legal maneuvering could be avoided if the couple had a prenuptial agreement in place before the marriage. Of course, they probably didn't envision someday having two celebrity children who would earn a fortune. But, life rarely follows our expectations, which means we should always try to prepare for anything.
A premarital agreement, or prenuptial agreement, is a written agreement signed by a couple prior to marriage. The purpose of the agreement is to predetermine the terms of a divorce if the marriage is unsuccessful.
Despite popular belief, pre-nups are not only for the rich and famous. Business owners or individuals with assets from a previous marriage or inheritance wishing to protect those assets for children or other reasons should consider a premarital agreement to address the following terms in the event of a divorce:
- Division of assets
- Division of debt
- Trusts and Inheritances
- Distribution of death benefits
- Spousal Support/Alimony
Let the attorneys at Peterson Law Group review your situation and discuss which options are best for you. At Peterson Law Group, we have significant experience in family law, estate planning, and business law cases. We use our experience to help you achieve the best outcome possible. To schedule a consultation, call us today at 979-703-7014.