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More families are using mediation and pre/postnuptial agreements for their family business and marriages. These agreements are gaining in popularity and can play a significant role in maintaining family harmony.
Family mediation provides a platform to confidentially discuss and resolve family concerns, such as assets, estate planning, marriage, seniors and children. Postnuptial agreements are prepared during the marriage, and prenuptial agreements are prepared before marriage. The pre/postnuptial agreement helps to act on terms and conditions which may be required during the marriage.
Mediation and Pre/Post Nuptial agreement can help families with:
1. Open communication - Helps families to review finances, assets, and future plans. This open dialogue can lead to a better understanding of issues and lead strengthen family relationships.
2. Clarity and transparency - Reviewing goals can provide clarity on financial responsibilities and expectations, reducing misunderstandings and conflicts.
3. Flexibility - Life is unpredictable, and agreements can be updated to reflect necessary changes in circumstances and ensure that family, partners, and seniors' needs are met.
4. Protection of family assets - Inheritances and family businesses issues can be agreed to ensure a smooth transition of wealth for future generations, estate planning and philanthropy.
5. Preempting potential issues - By addressing individual concerns and issues, future disputes can be resolved to help maintain family harmony.
Some of the main issues included in mediation or pre/postnuptial agreements relate to business, marital property, debt, future earnings, seniors, and children. When children are part of the equation, visitation rights, education, and expenses are the biggest issues, as well as who will be responsible for the children if both parents pass away.
Discussing what matters, including:
- Recognizing different contributions to the family wealth
- Sharing financial responsibility for family and seniors
- Being role models
- Acknowledging the family legacy
- Supporting careers and entrepreneurial pursuits
If these are topics that would be of interest to you and your family, please feel free to contact us at +852 2528-1460 or ann@cooleyfamilyoffice.com for a preliminary discussion.
Warmest regards,
Ann Cooley (HKIAC)
Collaborative Practitioner
Family Mediator
ann@cooleyfamilyoffice.com
+852 2528 1460
www.cooleyfamilyoffice.com
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