Monday, January 25, 2010

The Cardinal Second-Marriage Rule

Peter Brant broke "the cardinal second-marriage rule in the multimillionaire’s handbook," writes David Segal in The Times. "He wed without a prenuptial agreement."

Donald Trump finds his childhood buddy's error puzzling:
“Being the king of prenups, I’m pretty good at that stuff. You have to have it. You’re dealing with huge finances and you need some certainty in your life and a prenup will hold up 100 percent if it’s properly drawn."

***“I’m surprised at Peter. But women can do things to men that are very unusual."
Just how much wealth is at stake is uncertain. Brant's fortune was build upon the newsprint company co-founded by his father, and the business is privately held. But bad times for newspapers clearly have meant bad times for newsprint. Segal reports that several of Brant's competitors have filed for bankruptcy.

When other Ultra High Net Worth consumers shop for Trophy Spouses, their advisers no doubt will cite Brant's predicament and urge them to do the prudent thing. Think it will help?

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