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Advise your friend to have a family lawyer look at this. Premarital agreements are no joke, heavily regulated in many jurisdictions, and can have catastrophic consequences that you can’t even dream of years in advance unless you have significant experience in this area.
You are right that in certain circumstances, it would be way better for parties to have a clear prenuptial agreement covering the things that can legally be covered, such as the division of assets. When they do so in comply with applicable regulations and statutory provisions, they can often get a outcome that works better for them than an outcome, determined by the matrimonial laws of the state they happen to live in when they divorce.
Family businesses are for sure a place where they have their place. They can also be very important if one family or partner has heirlooms, real estate, holdings, or other assets like that that are brought into the marriage. And the issue about professional corporation shares is a real thing. If you want to understand what I mean, I can explain, that I knew about this potential mind field, when I got married, and my spouse and I had a long conversation about whether to include or exclude the value of my future law practice from our marital estate, along with some real estate assets that she had through her family. Ultimately, we decided to throw it all into the pot and 30 years later are still happily married. I have several friends who have gone through divorces, however, and got absolutely destroyed, based on some fanciful math around the value of their law practices.
I wouldn’t consider divorce matters “transactional” in terms of area of practice. It’s all family law mixed with estate planning.
That’s a good point. They don’t have wills. I told them to do that too