Having clients in their 20’s, and the 20’s being a typical time for a person to marry, part of the fiduciary responsibility of agents or a financial advisers is to suggest a prenuptial agreement to the athletes they represent. No one wants to talk about the possibility of divorce even before his or her marriage starts; some people think just talking about the concept of a prenuptial agreement is a guaranteed sign that a marriage will fail. With this being said, if you’ve realized that the marriage isn’t going to work (for whatever reason) and hiring a professional like a Divorce Attorney Chicago could help get both of your lives back on track, then there’s nothing to be ashamed about. These things happen.
If clients have significant assets, they would have to be a fool not to sign a prenup before they get married.
Athletes do not know that a prenuptial agreement specifies what happens to joint martial assets, not only in the case of divorce, but in the event of death as well.
Given that over 50% of marriages today end in divorce, it’s no surprise that prenuptial agreements are gaining in popularity. If an athlete does something stupid like abuse or cheats on his spouse, he probably deserves to be taken to the cleaners. But, if he is a good husband, and she wants out, our clients need protection. A few hours of work before they get hitched can save them from being taken for everything they have.
Most importantly, a prenup specifies how property will be divided in the event of a divorce, and whether one will pay alimony or spousal support. This should definitely be something worth investigating as you need to know if you have any eligibility for Social Security spousal benefits to help you support any children that you share together. When it comes to the finances in a marriage, you need to know where you stand, so you have a better chance at receiving any money and support that you are entitled to. In a situation like this, it may benefit both parties to check out sites like petersmay.com for more information and the chance to get advice from professional lawyers who know exactly what they are talking about. Typically, a document states that both people keep what assets they bring into the marriage. They do not take each other’s possessions. This means the athlete can possibly keep the condo he bought before he met her, and she keeps the car she bought. The agreement also specifies how assets built during the marriage are divided. A 50/50 split is typical.
I suggest to all my clients who are contemplating marriage, they seek a qualified attorney to draw up a prenuptial agreement for the following reasons:
A) To avoid potential court issues.
B) To avoid hurting kids in a divorce.
C) To save a business from insolvency.
D) To protect kids from previous marriages.
E) To provide peace of mind for both people. In the event the marriage fails, our clients won’t lose everything they’ve worked for.
Disclosures. The information contained herein is neither an offer to sell nor a solicitation of an offer to buy any security. Past performance is not a guarantee of future results. Further, the information herein is intended solely to provide general information and does not constitute a promotion of any offerings or products. Donald J. Kushner is an independent financial advisor with Arque Capital, Ltd., and does business as DK Sports Financial. Arque Capital, Ltd., and DK Sports Financial are unrelated entities. Securities offered through Arque Capital, Ltd. 7501 E. McCormick Parkway, Suite 111 North Court, Scottsdale, AZ 85258. (602) 971-9000. Member FINRA/SIPC. Any unauthorized reproduction of this information is strictly prohibited.