If you keep up on celebritygossip as it relates to those high-profile marriages and divorces, you oftenhear that six letter word: Prenup. Butdonâ€™t be fooled â€“ prenups are not just reserved for rock stars and Hollywoodhotshots. This additional planning toolis becoming another item on the wedding â€œto-doâ€ list for many couples beforevows are exchanged.
Naturally, there are too-numerous-to-print opinions on thisquestion. In fact, the New York Timesrecently assembled its own collection of opinions regarding this debate in ablog post titled â€œThe Power of the Prenup,â€ whichshared the page with an opinion piece titled â€œPrenups for Some, Money Talk for All.â€
Practically speaking, onceemotions are set aside (if they can be), prenups have their place as part of aâ€œprocess.â€ That process is called â€œcommunication.â€ Since money matters top manystudies regarding the sources of marital strife, money matters are a logicalissue to address before tying the knot. A full disclosure of assets â€“ andliabilities â€“ is a good place to start.
Truth be told, a marriage (orremarriage) is a blending of lives and a blending of assets. In many marriages,the assets are fairly simple. In others, they are extremely complex. Forexample, closely-held business interests or family trusts can carry with themthe extended interests of extended family. Unless these complex assets areconsidered, their ownership recognized and their eventual disposition agreedupon, then marital strife is often waiting in the wings.
Before you say â€œI do,â€ be sure you fully understandand appreciate the consequences of your marriage when it comes to your assets.Accordingly, a well-drafted prenuptial agreement may be one of the tools tofacilitate â€œcommunicationâ€ with your intended spouse and help prevent problemsfrom spoiling your lives together.
For more information on Prenuptials contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.