When two high net worth individuals marry, they may be concerned about what would happen if they divorced. How would their assets and debts be divided? What if one of them wanted to leave the marriage? In Wisconsin, there are two types of agreements that can help answer these questions: prenuptial agreements and postnuptial agreements. This blog post will explain what each type of agreement is and how it is handled in Wisconsin divorce courts. It will also discuss specific concerns for high net worth individuals considering divorce in our state.

If you are considering a prenup or postnup, retaining a Milwaukee divorce attorney with experience serving high net worth individuals is a great first step! At The Ohiku Law Office, Attorneys Odalo Ohiku and Felicia Owen help guide high net worth clients through divorce. Give us a call today to discuss your questions.

What is a Prenuptial Agreement?

A prenuptial agreement, also called a premarital agreement or antenuptial agreement, is a contract created by two people who are about to be married. The purpose of the agreement is to define how their assets and debts will be divided if they divorce. A prenup can also include provisions for spousal support (alimony).

In order to be valid, a prenuptial agreement must be in writing and signed by both parties. It is also important to note that the agreement must be entered into voluntarily – meaning that neither party can be forced to sign it. If a court finds that a prenup was signed under duress, it may be invalidated.

It is also important to disclose all assets and debts before signing a prenuptial agreement. If one party hides assets or debts from the other, the agreement may not be enforceable. This is why it is best to consult with an attorney before signing a prenup.

What is a Postnuptial Agreement?

A postnuptial agreement is very similar to a prenup, except it is created after a couple is married. Just like a prenup, the purpose of the agreement is to define how assets and debts will be divided if the couple divorces. A postnup can also include provisions for spousal support.

Like a prenup, a postnuptial agreement must be in writing, signed by both parties, and entered into voluntarily.

Child Custody & Support

While prenuptial and postnuptial agreements can cover many aspects of a marriage, including division of assets and property, spousal support, and what should happen if one spouse in unfaithful, these agreements cannot legally dictate issues of child custody and child support. These are highly sensitive and serious considerations and a Wisconsin divorce court will retain the right to take into account the entire course of the marriage and many aspects of each spouse’s parenting style before making a decision on these matters.

Valid vs. Invalid Prenuptial & Postnuptial Agreements

There are certain circumstances in which a prenuptial or postnuptial agreement may be invalidated by a Wisconsin divorce court.

If the agreement was not entered into voluntarily, it may be invalidated. This means that neither party can be forced to sign the agreement, and both parties must have had enough time to read and understand the agreement before signing.

If one party hid assets or debts from the other, the agreement may also be invalidated. This is why full financial disclosure is so important before signing a prenuptial or postnuptial agreement.

Finally, if the terms of the agreement are unfair or unreasonable, a court may invalidate the agreement. This is why it is so important to have an experienced attorney review your agreement before you sign it.

High Net Worth Individuals & Prenuptial & Postnuptial Agreements in Wisconsin

If you are a high net worth individual considering divorce and you have a prenup or a postnup, it’s essential to retain the services of an experienced Milwaukee divorce attorney. Not only will your divorce attorney prove a valuable resource in court, they can help you navigate the intricacies of a prenuptial or postnuptial agreement and how they will interact with your case.

If you are considering the benefits and drawbacks of creating a prenup or postnup, you’ll also want to speak to an attorney. People who own businesses and/or have significant assets have a lot to consider when it comes to drafting a prenuptial or postnuptial agreement. Most importantly, you’ll want to make sure your agreement stands up in court if you decide to divorce.

At The Ohiku Law Office, we help high net worth individuals who are dealing with or considering divorce. Whether you have questions or are ready to begin your journey, contact us today.