A lot of Orlando couples will get engaged his holiday season. After the glow of the proposal and acceptance wear off and the wedding planning begins, increasingly another discussion is taking place between engaged couples. What about a prenup?
Prenups are no longer the sole provinces of wealthy and high-profile couples. Now many people who are relatively young and not necessarily wealthy have them. In a recent survey, nearly two-thirds of divorce attorneys reported an increase in the number of prenups they have encountered in the past few years. By far, the main reason given for the agreement is “protection of separate property.”
Why get a prenup if you don’t have a tremendous amount of money or assets going into the marriage? For one thing, you may stand to inherit a good deal of money or property from your parents or other relatives. That could all end up being split with an ex-spouse.
If you are divorced or widowed and going into a new marriage, a prenup is highly recommended – particularly if you have children. Whether the marriage ends in death or divorce, you most likely want to ensure that your children get all or part of your estate, even if it’s just some sentimental family heirlooms.
Another advantage of writing a prenup is that it gets couples talking about finances – not just how they want to handle what they bring into the marriage, but what they earn and purchase afterwards. A prenup does not have to be solely about money. Some couples include a clause, for example, saying that they will get couples therapy before ending their marriage.
You may need to broach the subject with your intended spouse carefully if you are not sure how he or she will react. It’s not easy to tell someone you love and are committing to spend the rest of your life with that if it all goes south, you want to make sure he or she doesn’t get the vacation home on Fisher Island your great-aunt is leaving you.
An attorney can guide couples through the process of developing a prenup and help them discuss and decide on things they may not have considered. Then, once that’s out of the way, they can get on with the wedding planning.
Source: moneynews.com, “Three Things to Consider Before You Ask for a Prenup” No author given, Nov. 27, 2013