Approach prenup conversations by discussing specific components rather than using the word 'prenup' directly.
Create a prenup before marriage to establish financial transparency and reduce the risk of conflicts.
Postnuptial agreements can be valuable for married couples to align financial arrangements with intentions and secure their future together.
Deep dives
Starting the conversation about prenups
When discussing prenups with your partner, it's important to approach the topic without using the word 'prenup' directly. Instead, focus on the specific components that a prenup covers, such as being transparent with each other about finances, setting ground rules for spending and budgeting, and discussing how assets and debts will be handled during the marriage. By framing the conversation around these aspects, you can address the underlying concerns of a prenup without triggering any negative reactions.
The benefits of creating a prenup early on
It is advisable to create a prenup before getting married, as it is much easier to address potential issues hypothetically rather than after they have occurred. Discussing financial matters and reaching mutual agreements on matters like spending limits, family financial support, and joint accounts sets a strong foundation for financial transparency and reduces the risk of future conflicts. By giving adequate forethought to these decisions, the importance of aligning your financial lives becomes clear and contributes to the long-term success of your marriage.
Considering postnuptial agreements for married couples
For couples who are already married, postnuptial agreements, also known as postnups, can be a valuable option. Postnups are suitable in situations where either a couple initially intended to have a prenup but didn't get one before the wedding, or when spouses realize that their financial arrangement differs from what the law would dictate. Postnups allow married couples to formalize their financial agreements, protecting each other's assets, addressing debts, or safeguarding business interests. They are particularly useful when there is a desire to align the couple's financial reality with their intentions and secure their future together.
The Importance of Approach in Prenuptial Agreements
Approaching the topic of prenuptial agreements with care and love is crucial. The reputation of prenups being negative is partly deserved due to disparities in wealth and access to finances. However, if approached as a collaborative process, where both partners discuss and agree on financial expectations, transparency, and decision-making, prenups can have a positive impact on relationships. It is essential to focus on creating a fair and mutually beneficial agreement rather than solely protecting individual assets.
The Benefits of Putting Prenuptial Agreements in Writing
Putting prenuptial agreements in writing provides legal enforceability and serves as a formal commitment. It safeguards against future changes in mindset, protects against rage-driven actions during divorces, and promotes clarity and communication. By including provisions such as annual disclosures of assets and debts, financial goal-setting, and joint expense planning, couples can maintain trust and avoid confusion. Additionally, drafting prenups through specialized attorneys has become more accessible, providing expert guidance and ensuring a legally sufficient agreement.
We’re guessing that the title of this episode may have come as a shock to a lot of folks! If you’ve been listening to the show for a while, you may have picked up on the fact that we haven’t been the biggest proponents of prenuptial agreements… but let’s see if our guest today can change our minds! We’re joined by Aaron Thomas, a graduate of Harvard Law, who also happens to live in our old neighborhood in Atlanta. Aaron is a divorce attorney with decades of experience and his clients range from NBA hall of famers, to the average couple who lives down the street from you. He founded Prenups.com and he’s recently published a new book: The Prenup Prescription, where he argues that a proper prenup can not only protect, but actually improve your relationship. Today we discuss the increasing acceptance of prenups, the importance of marriage for society, the contractual obligations of getting married, whether a prenup does more harm than good, how to start conversation about prenups with your partner, & if a postnup is something you should consider.
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