The Money Couple Minute - Prenuptial Agreements, Should We or Shouldn't We?
Get the answers to the questions below by watching the video of the Money Couple on ABC's News Now "Good Money" program HERE:1. I don't think my fiancé is going to be comfortable with having a prenup but I think it is important because this is our second marriage - how do I start talking to him about it? Sara from San Diego
2. How much money do you have to have to make a prenuptial agreement? Steve from Seattle
View the ABC's News Now "Good Money" segment about Prenuptial Agreements with the Money Couple HERE
Prenups - Should We or Shouldn't We?
The number one cause for divorce is miscommunication about money - in most cases it is better to "get it all on the table." vs. waiting until it is to late. Are we setting ourselves up for divorce by having a prenup? No. There are some very practical reasons to have one in place.
Here are some points to having a positive prenup conversation:
1. Set the tone - it is important to keep it positive - obviously with this type of conversation it is easy to become defensive. You can open the conversation like this: "I would never want money to come between us and ruin our relationship. Why don't we explore some reasons to have a prenup. Let's talk about the positive and negative aspects."
2. Here are some points to talk through:
- Why would a prenup be important to you?
- What are our debts? A prenup will absolves one from the others debts.
- Is there a family home that needs to stay with one person in the relationship? A prenup ensures that the family home stays within the family.
- Are there children from previous marriages we need to think about? A prenup can help divvy assets amongst children.
- Is there a family business that one of has? A prenup will keep the family business intact and protects other siblings and parents.
- Be sure to set your prenup up a number of months before the wedding - wedding planning can be stressful, be sure have this done and out of the way.
- List all of your assets and liabilities - this can be a relationship saver because there will be no financial surprises.
- Set it up to strengthen the relationship - start your relationship out right, clear financial communication is key to making sure your love stays strong.
