The fashion industry is full of surprises, but this one is particularly eye-catching.  A prominent designer has shared a clever strategy to safeguard her family's future.  She added a unique clause to her will, which has sparked a lot of interest.  This clause, often called a "floozy clause, " is designed to prevent any new partner from benefiting financially if something happens to her.  This is not about mistrust, but about ensuring her children's future is secure.

    The designer and her husband tied the knot in 2009.  They started with very little, but their hard work has paid off.  They now have four children and a successful fashion brand.  The couple has a joint account for family expenses, but they also keep separate accounts for their individual earnings.  This setup allows them to manage their finances while maintaining some independence.

    The "floozy clause" is a smart move.  It ensures that if the designer passes away or they divorce, her assets go into a trust for their children.  This way, any new partner in her husband's life won't have access to her hard-earned money.  The clause is not just about protecting her finances but also about safeguarding her children's future.  It's a practical approach to family planning, showing that she thinks ahead.

    The idea for this clause came from her mother.  She saw the wisdom in it and discussed it with her husband.  He agreed, showing that they both prioritize their children's well-being.  If her husband remarries, he won't be cut off completely.  He can manage the trust for their children, but he can't use the money for personal gains with a new partner.  This balance ensures that the children are taken care of without penalizing her husband too harshly.

    The designer's approach to finances is straightforward.  She contributes more to the family account when she earns more, ensuring that the family's needs are met.  This fair approach shows that she values transparency and equality in their financial dealings.  She co-founded her fashion brand with her brother in 2005, and it has grown into a successful business with stores worldwide.  She also ventured into reality TV, joining a popular show.  After one season, she decided to leave, focusing on her other projects.

    This story highlights the importance of planning for the future.  It's not just about money but about ensuring that loved ones are protected.  The designer's strategy shows that she is thoughtful and forward-thinking.  She wants to make sure that her children are taken care of, no matter what happens.  This approach can inspire others to think critically about their own financial planning and family security.

REBECCA MINKOFF

Protecting the Family Fortune: The Smart Clause

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