Prenuptial agreements — once used mainly by Hollywood stars — are no longer the preserve of the rich and famous. A rising number of wealthy entrepreneurs and those with substantial family legacies are also seeking to protect their financial concerns before they get married, with growing interest in parts of Asia where such arrangements were once viewed as an infringement upon the sanctity of marriage.
“Working out who gets what in the unfortunate event that a marriage breaks down — even before vows are exchanged — is fast becoming a focus for Asia’s wealthy families, particularly those wanting to ensure their wealth is protected for generations to come,” says Jocelyn Tsao, who leads the Hong Kong divorce and family team at Withers worldwide law firm.
She says one of the driving forces for change across places such as Singapore and Hong Kong is from the patriarch and matriarch — keenly aware of the impact that a divorce can have on a family’s wealth.