I love you but… please sign here
Him: “Marry me?”
Her: “I’d love to but… only if you sign this.”
Little voice inside His head: ”Err, this is not exactly how I imagined it would be.”
In reality, I don’t think any of us imagine our marriage proposals to go like this, nor do we want to talk about prenups when we’re all loved up and enjoying our engagement, planning our wedding and thinking about our the dream life we’re about to live.
None of us (hopefully!) get married with the intention of divorcing, however we all know the stats.
We all know it’s a possibility.
Having a discussion at the right time and in the right environment about how you each would like things to play out should your marriage not work just makes sense.
I’d guess that most of us would consider it imperative to do this when entering into a business partnership, so it’s a good idea to look at your impending marriage in the same way.
As with business partnerships, it’s A LOT easier to talk about this stuff when everything is amicable and on track. Don’t wait for the sh*t to hit the fan.
We’re not lawyers of course (we rely on Law Squared for all things legal), but we do care about your wealth and the hard work you’ve put into making your dreams come true before getting hitched.
Here’s a few reasons why a prenup can be beneficial:
- Opens up discussions before you tie the knot. You should be having these discussions anyway about how you both manage your finances, and what you’re bringing into the relationship.
- Gives you a good foundation for decision-making if divorce becomes a reality, regarding the separation of your possessions and wealth.
- Reduces the potential for conflicts at that time, given you’ve both previously agreed and signed off on how you want things to happen.
- Can ensure that the wealth you bring into a relationship will return to you if things don’t work out.
As you can appreciate, prenups are especially important where the balance of wealth or debt is one-sided prior to marriage.
This tends to occur more in people who are marrying later in life or entering into a second marriage. And let’s face it, these two things are getting more and more common among us millennial peeps.
It is especially important if there are children from a previous relationship along with substantial wealth or family wealth.
In some cases, a prenup is likely to be less important.
Like if you have been together for some time and have already merged your finances. In this case, both of you bring a fairly equal starting point to the relationship.
Either way, it’s a discussion worth having. Even if it just opens up the conversation about where you’re starting from and how you want things to play out, together.
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Disclaimer: all information contained within this article is of a general nature. Do not rely upon it when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.