Prenup: yes or no

We know that nothing can kill the air of romance faster than the word prenup.
Although marriage is both an emotional and physical union, but it is also a financial union as well and with 1 in 3 marriages ending in divorce it may just be prudent planning. A prenuptial accord is a contract between two people about to wed that spells out how assets will be distributed in the event of divorce or death.

You should consider having a prenup if you fall into any of the following categories:

• You have assets such as a home, stock or retirement funds
• Own all or part of a business
• You may be receiving an inheritance
• You have children and/or grandchildren from a previous marriage
• One of you is much wealthier than the other
• One of you will be supporting the other through college
• You have loved ones who need to be taken care of, such as elderly parents
• You have or are pursuing a degree or license in a potentially lucrative profession such as medicine
• You could see a big increase in income because your business is taking off, or that garage band you play in has just gotten a contract with a big record company.
When approaching the subject it’s important to be completely open and honest. You want your significant other to fully understand your reasoning and your terms.

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