It’s the moment you’ve dreamed of … a quiet, romantic setting with just the two of you, when suddenly like out of a movie, he kneels down and pops the question. You immediately say “Yes!” and then a few minutes later as your mind starts racing, he asks one more question: “So, you wouldn’t have a problem if we got a prenup, right?”
Bomb dropped. Like being hit by a ton of bricks. Why would he ever assume that a prenup is okay? You’ve been together for so long, through all the ups and downs, yet without warning he’s already planning your divorce? Not necessarily.
While prenuptial agreements have been around for thousands of years, nowadays people may associate them with Hollywood couples or the super-wealthy. Surprisingly, more and more couples are talking about prenups as a way to protect themselves, their children, extended family, or even their business. It’s definitely not the most romantic part of planning a wedding, but in our society, it’s becoming more acceptable as a way to financially plan for your future.
Here are some common circumstances why you or your partner might consider a prenup:
- You’ve built a business from the ground up where you’ve invested time, money and energy prior to or during this relationship
- You or your partner is substantially wealthier than the other, possibly from a family inheritance or high-paying career
- You have loved ones (either children or parents) that need specialized care and you have funds set aside for these family members
- A previous marriage that didn’t end in “happily ever after” causes one to think about what they’d do differently this time around
While factors vary from state to state, Florida law strongly recommends that a prenuptial agreement be completed within a reasonable time before the marriage. This means not too early like a year or so before walking down the aisle or last-minute as within a few weeks. Each party will need to retain an attorney and be prepared to disclose their assets, income and liabilities.
Again, prenups have become the butt of jokes, part of movie plots, and in many cases simply have received a bad rap. In reality, they can be particularly helpful in the event that a marriage fails. It’s utilizing the same thinking as insuring your home, car, boat, or health, except you’re aiming to protect your financial future.
If you have questions about the various aspects of a prenuptial agreement, please feel free to contact us to schedule a private consultation. We’re here to help you.