First, J-Lo says yes to A-Rod’s marriage proposal, along with a million dollar engagement ring. Now, with both superstars bringing separate hundred million dollar fortunes with them into the marriage, it’s the right time for a prenuptial agreement, says Carolyn Grimes, family law attorney and partner at Wade, Grimes, Friedman, Meinken & Leischner. In an exclusive interview with Millennial Money podcast, Grimes shares insights on how to know when you need a prenup, whether you’re a celebrity or not.
Prenuptial agreements impart value at different stages in life. “For young people, it is helpful when it’s their first marriage (or their only marriage) and their parents are asking them to get a prenup to protect family money or gifts,” says Grimes. “Or for later in life marriages, like A-Rod and J-Lo, when people get married for the second time, they tend to use prenups to protect their assets and their children from previous relationships.” The idea is to make sure the children will be cared for financially in the event of a divorce or if their parent is incapacitated or dies during the marriage. Grimes says those protections can actually help the children accept the new spouse because the children can see that the new spouse will not “take” what the children perceive as their inheritance.
Listen to the full podcast here or below to learn:
- How to know whether you need a prenup
- What is and isn’t covered in a prenup
- How to initiate the “I want a prenup” conversation
- What happens when you get divorced with a prenup
- How you can get a postnup