Why engaged couples need to discuss finances and prenups

On Behalf of | Dec 20, 2019 | Divorce

Most people want to focus on the excitement and joy that surrounds an engagement. However, for couples to be on the same page regarding issues that may come up during their marriage or even a future divorce, they have to discuss financial matters. Here are some reasons why newly engaged couples in Florida should discuss money and prenuptial agreements.

The sooner an engaged couple can discuss finances, the better. It will set expectations for both of them as to what they are looking to get out of the new financial partnership that they are forming. Discussing how money will be spent, saved and invested early in the relationship can save a couple a lot of stress later on.

A prenuptial agreement is a legal document that can help a couple to avoid frustration and arguments if they decide to divorce. It describes which assets and liabilities are viewed as personal and which ones are viewed as marital. The agreement could include how family trusts, inheritances and income from businesses will be handled in a divorce. If these things are not laid out beforehand, a judge will make the decisions later on. This agreement allows a couple to make a customized plan that will give them peace of mind in case they ever need it later on.

Confidentiality of finances and other matters can also be included in the prenuptial agreement, which would prevent the spouses from sharing personal information with the public or family. This may be especially important in a high asset divorce. Prenuptial agreements are tailored to the individuals involved. The couple could speak with a lawyer when drawing up this document. The lawyer could provide information on how each individual could protect their assets or businesses in case of a future divorce.