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June 2014 Archives

The advantages of prenuptial and postnuptial agreements

Alaska residents may be aware of the high-profile divorce of former New York governor Eliot Spitzer. Spitzer is part of a growing trend of people over the age of 50 who are divorcing. Furthermore, while some of those individuals are remarrying, the chances of second and third marriages ending in divorce is even higher. With this in mind, people may wish to consider prenuptial agreements as well as postnuptial ones. Spitzer's postnuptial agreement with his wife, which serve as a divorce settlement agreement, ultimately gave her a Fifth Avenue home, $7.5 million in cash and hundreds of thousands more in maintenance payments plus a stipend for charity.

Utilizing an asset protection trust to shield assets in divorce

Most of our readers are familiar with using a prenuptial agreement to protect oneself from loss of assets in divorce. Prenuptial agreements are useful because, when wisely negotiated and properly executed, they effectively trump state law regarding property division. Prenups have become standard fare in Hollywood and among the wealthy, but even those of modest wealth can benefit from prenuptial agreements.