Many people think a prenuptial agreement is for the rich and famous. However, there are many issues that the average person needs to consider and discuss with their new partner. It’s an excellent opportunity to understand his/her financial perspectives and expectations before you get married. Many people are afraid to have this important conversation as they fear it might ruin the relationship. But, if you can’t talk about the important things and expect that things will just “work itself out” when married, it doesn’t always happen that way. Don’t you want an understanding of how each other thinks, and ensure you are on the same page?
- Think of it as marriage/divorce insurance. You want the marriage to work, but if it doesn’t you’ve protected yourself.
- The blended family dilemma. You want your children to support your new marriage; however you want them to feel protected as well.
- What if you die? Without sounding morbid, it is a consideration……how you want your assets to be divided between your new partner and your children.
There are many other obvious considerations. A recent article in Canadian Business answers this very important question:
I’m about to get married for the second time. How do I ensure that my children and my new wife won’t ever have to duke it out over my estate after I’m gone?