Dear Kim,
I recently got engaged, and I’ve been going through all of the logistical aspects of marriage. We are each coming into this with our own assets, and this will be the second marriage for both of us. I want to be as practical as I can this time around. Should I be considering a prenup?
Sincerely,
Forethought Fiancée
Dear Forethought Fiancée,
My short answer is usually yes, but there are a lot of factors to consider first. Have you talked about having a prenup, and are both of you in agreement? It is one of the last things most couples discuss, yet it can be a leading cause of divorce.
Who will pay the bills, and will you be commingling assets? Are you coming into the marriage with equal assets, or will one of you have a larger share? Are there children and a legacy to consider? What are your long-term plans for the distribution of your assets? Are you on the same page when it comes to spending? Is one of you a saver and the other a spender?
Once you have had the “money” talk, the results of that conversation can better inform your decision. At the end of the day, you hope and plan for your marriage to last forever, but you also want to protect yourself should it not work out. Having assets of your own to walk away with can provide great peace of mind.
Kim
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