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Posted on in Estate Planning
By Ausaf Farooqi, Esq.

muslim-prenuptial-agreementsPicture this scenario. You are about to invest between $50,000-$150,000 in a business venture. The business venture has about a 50% chance of failure. If the venture fails, the losses incurred will include the entire initial investment as well as possibly tens of thousands of dollars more in additional costs and legal fees. You can, however, protect yourself substantially from future costs, legal fees, and recoup part of your initial investments if you enter into a contract prior to the investment. The cost of that insurance would likely be between $2000-$3000, split between the two parties entering into the business venture.

Given the probability of failure and the potential sunken costs, it would be almost irresponsible to enter the business venture without entering into an initial contract to protect yourself and as much of your investment as possible. The reality is, however, that Muslims enter into such a venture nearly every day without contemplating how to protect themselves from the failure of that venture.

Marriage is difficult and expensive. For Muslims, there are often two wedding ceremonies – the Nikkah and its reception and the Walimah. Many of the different ethnic cultures among Muslims have additional wedding related ceremonies and practices. The average cost for these events range between $30,000 - $100,000.

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