Unsure About A Pre-Nup? Start With A Financial Snapshot
With many folks waiting longer to get married you might find yourself tying the knot when you’ve already accrued some financial assets. Maybe it’s a small nest egg that you’ve already saved in a 401(K). Maybe you jumped into bitcoin when it was just starting. Maybe this is your second or third marriage and you are already financially established and have even purchased a home.
Why You Need A Pre-Nup
This can present a problem for a couple contemplating marriage. Ideally, when you are at this point in your financial life, you should create a prenuptial agreement. You should also get an understanding of what your intentions are with your assets. Is your true intention to gift half of the equity in your separate home to your new spouse when you add them to the title? Are you really going to co-mingle your retirement accounts because your intention is to share everything with your spouse? What if it doesn’t work out in the end? Do you still intend to give them half of everything you brought into the marriage?
Take A Financial Snapshot
Sometimes, just posing these questions can present a problem for couples. I know, when you’re planning a wedding, you want to be planning for the best-case scenario. But you do also need to be prepared for the worse.
So, if your betrothed balks about taking formal steps to protect each of you, take a financial snapshot of where the two of you are just before you get married. Print out statements from your accounts. Save a copy of your mortgage statement and find out what your home would sell for if you put it on the market. And then do the same thing annually. These are the kinds of documents that will be needed if separate property ever becomes an issue in the future.
To All Of The Newly Engaged, Congratulations!!
I hope your union brings happiness and joy! But get the financial concerns out of the way with an actual pre-nup or take the snapshot, so you can have smooth sailing as you head into the future.
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- Explore your divorce options and get clear on the right solution for your situation
- Review your financial situation and explore creative settlement possibilities
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- Identify your biggest fears and decide the best way to address them
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