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.