Why a Prenuptial Agreement is on the Wedding Checklist
When I got engaged previously it was in Miami and the day after, I was in Coral Gables looking at all the pretty wedding dress shops. And I remember saying out loud, “This would be a great place to set up shop and draft prenups!” I am who I am…
Don’t get me wrong, I LOVE love. I’m actually a huge romantic. I’m single and dating after a divorce, and I still believe in love and marriage. We need more meaningful relationships in our lives, humans are social beings. The best relationships start with a mutual understanding of life goals, and financial planning. I get it, you don’t want to, it’s uncomfortable. But let me tell you, if you don’t have that conversation, it will be really uncomfortable when you are telling me all your deepest secrets and paying me thousands of dollars to fix it all. (And I will, and no one will know those secrets, but don’t choose that when you don’t have to!)
So let me tell you what needs to be in your prenuptial agreement, you have the conversation, and we will paper it up:
Retirement. This is likely your biggest asset. Deciding if any part of your retirement after you get married (and keep contributing to it with marital funds now) will be a marital asset is probably the biggest reason most people get prenups. So many people want to protect the nest egg they have built and will continue to build to make them feel empowered and safe.
Real Estate. Deciding what happens with property you bring into the marriage (which again if you pay the mortgage with salary after married, you just converted that into marital property), and what happens if you sell or buy new real estate.
Spousal Support. Spousal support is less and less of a thing, but laying out expectations, especially, if you are planning to have a family, and someone might step out of the workforce (and don’t be sexist and assume which partner this might be) OR more likely work less and contribute less to retirement and their social security, or if someone develops a disability. I cannot overstate: these are really important things to discuss.
Business Interests. More people have side hustles and their own businesses than ever before, and laying out what interest your spouse may have in that business is to me– an essential.
Errant Transfers. You are going to want to be able to convert accounts, roll things over, have easy finances, title things jointly, so lay out how you do that without accidentally “gifting” it to the marriage without thinking about it.
Of course there are more, but these are the big reasons why you want someone drafting your prenup while you’re trying on dresses in that wedding dress shop, or getting your tux altered. I want to see you succeed; I want to see your marriage succeed. So, go buy that ring, ask those questions and come see me.
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