Prenups in the News: ABC News Article Discusses Baby Boomer Inspired Prenups
ABC News and Alice Gomstyn published an article online today on Baby Boomers who are ‘encouraging’ their children to sign prenuptial agreements before they get married. For some Boomers, the motivation is to make sure the money and property they leave to their children stays in the family in the event of a divorce. For others, it is a desire to spare the children from the experience of dividing marital property in a divorce action—the process commonly known as ‘equitable distribution.’
Gomstyn’s piece is actually the third item on the subject of prenups to appear in the last few weeks. The first was a long story in the Wall Street Journal’s Weekend section published on July 3, 2010, by Mary Pilon. The second was an online item by Henry Unger of the Atlanta Journal Constitution posted on July 8, 2010.
My recent experiences with drafting prenups for clients is similar to the ones found in the ABC News piece: parents trying to protect assets and inheritances for their children. One of my clients actually was against the idea of a prenup and only sought one when her parents insisted. Another couple actually had little or no assets themselves but wanted to protect an expected inheritance of a substantial home which belonged to one of the couple’s parents.
If you have questions or comments about prenuptial agreements, please e-mail me at David@GabayLawFirm.com
