Whether it happens on Christmas, New Year’s Eve, or Valentine’s Day, it is officially engagement season. And a popular time to “pop the question”.
As you begin to plan the upcoming wedding and pick a date, there will be lots of decisions to be made. One important decision is whether you need a Prenuptial Agreement?
Many couples are anxious to bring up the subject of a Prenuptial Agreement. They are afraid it will be viewed as being unromantic. Or worse, it will be viewed as not having faith in their marriage lasting.
But a Prenuptial Agreement is a practical tool where the couple discloses to each other their financial picture. How much they each earn. How much they each have in assets. And how much they each don’t have – their debts. They can look at how each party spends and saves their money. Then, they can set out a plan as to how they will handle their finances once married. Will there be a joint financial account to pay the household expenses? Who will contribute and how much? How will they save for retirement and emergencies? What happens when they have children? These are conversations that need to take place before marriage. And, if a couple is too anxious to discuss financial issues now, then it will place stress on the marriage. And both parties will be in the dark as to their responsibilities and expectations.
For couples who are getting married later in life or have been divorced before, they need to have the same financial conversations disclosing their financial picture and devise a plan as to their financial obligations once married. But there are other issues that need to be taken into consideration. Will they continue to keep their finances separate? Will they combine some of their finances? And what happens if one of them dies before the other? What do they need to consider when planning their individual estates? Do they want assets to pass to their grown children or grandchildren? Do they want assets to pass to each other?
Prenuptial Agreements allow couples to begin making financial decisions to secure their future. And, if their relationship should fail, and they decide to divorce, the Prenuptial Agreement will include provisions on how to financially separate. It will be clear who receives which assets, and who is responsible for paying which liabilities. Having these discussions and making these decisions while in love and looking forward to your life together is so much easier than when loving feelings have disappeared and there is no longer trust.
FOR MORE INFORMATION ABOUT PRENUPTIAL AGREEMENTS, YOU CAN CONTACT US THROUGH OUR WEBSITE www.EatonFamilyLawFirm.com
Phone number is: (615) 994-0123
Florida Office: 2247 Palm Beach Lakes Blvd., Suite 202, West Palm Beach, FL 33409
Phone number is: (561) 420-8500