The ‘prenup talk’ is well worth having
In the heat of passion, many people are lukewarm to the very notion of a prenuptial agreement.
Attorneys and financial advisors face an uphill battle, more often than not, in convincing clients that when it comes to legal protection, they should say, “I will,” prior to saying, “I do.”
“Getting couples to warm to marriage contracts can be tricky because the idea things might not work out seems ridiculous; they’re in love,” according to a recent article on the website advisor.ca. “But advisors should discuss marriage contracts as part of every client’s financial plan, says Zena Amundsen, an advisor at Tyler and Associates in Regina, Saskatoon.”
Far from putting some kind of hex on a marriage, prenuptial agreements can bring couples closer together by sharing a deeper understanding of what each partner is bringing to the relationship.
“When you think ‘prenup,’ you’re probably thinking of celebrity couples and millionaires, but the truth is signing a prenuptial agreement … might be better for your marriage in the long run,” according to an article on the website of Rhode Island television station WPRI. “As a happy couple prepares for their big day, the last thing they want to think about is what will happen to their assets if things don’t work out. But financial experts say it’s important for couples to have the prenup talk.”
“If they have personal insurance or group benefits, they may have never spoken about that,” attorney Amundsen said. “So they’ve forgotten they need to change their beneficiaries in a new marriage.”
“And when openly taking inventory of expenses and assets, she says, clients often learn new tidbits that help them realize protecting wealth is important. For instance, one client never knew her fiancé had a boat and an RV in storage. Once they’ve agreed to negotiate and sign a contract, explain they must each have independent legal advice and there must be complete disclosure of income and assets, says Jennifer Jolly, a lawyer at BLG.”
“If they aren’t disclosing a material asset, then the contract won’t be worth what it’s written on,” she says.
