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Prenup: Is not a romance killer, it's a relationship rescuer
Marital Insurance Policy
You are not planning for a divorce, but a prenup is just like buying car insurance. It's peace of mind. Consider a prenup a financial GPS. It doesn't mean you're lost; it just helps you navigate the twists and turns of life's financial highway. Think of the arguments you'll save!
Without a prenup:
"Marriage is like a deck of cards. At the start, all you need is two hearts and a diamond. By the end, you're looking for a club and a spade!" UNLESS YOU HAVE A PRENUP!
Yes, I prenup should benefit both parties, even the spouse with lower income.
"Although a prenuptial agreement can be a difficult topic to broach with your loved one, it doesn’t necessarily have to be a romantic buzzkill. Instead, a prenuptial agreement can help strengthen a relationship by setting the stage for an open and honest dialogue about shared goals and planning for the future.
What is a prenuptial agreement?
A prenuptial agreement is part financial plan and part legal contract. It is an agreement entered into by a couple before they are married that helps protect their individual interests should they get a divorce.
A prenuptial agreement isn’t just about staking a claim on what’s yours, and it doesn’t mean that you don’t trust your significant other or vice versa. Rather, a prenuptial agreement can be an exercise in building trust. A well-designed prenuptial agreement can serve as the foundation upon which a couple can build a long-term financial plan by helping them make decisions upfront and manage expectations for the future". Forbes - Halsey Schreier
"Love is grand! But divorce is 20 Grand!"
Prenuptial Agreements
- Financial Transparency: Know each others assets & debts for asset protection and debt management. Know both your credit scores
- Include any business ventures, alimony, children's Needs. Don't forget pets!
- Keep the peace: Add language to prevent a spouse from revenge. Add that both parties will have lawyers and who pays.
Starting fresh or staring over, know your financial future..
Great Resources
HelloPrenup is a great resource for composing your premarital agreement ($599).
Our Divorce Action Plan Kit also has a prenup outline with topics & tips. It includes a detailed asset worksheet and modern prenup topics. It is essential for starting fresh or starting over. Includes laws you need to know!
A Glimpse of Future Finances After Divorce:
How Much Alimony (spousal support)?
If you qualify based on your state laws: It is 1/4 the difference in income. Check out the free prenup ebook for more details.
Retirement
Yes the 401k gets divided in a divorce. There are ways to get more than half. And if you have been married 10 years or more, you qualify for your spouses social security retirement income. The Divorce Action Plan Kit has more info.
Child Support
Each state has their own guidelines. But remember to list ALL expenses for the children and dedicate who pays what. If your don't then the other party can claim that a specific expense is covered under the child support payments. The Divorce Action Plan Kit has a worksheet and more details.
Living Expenses - New marriage or starting over
Our Kit has a quick budget calculator. Allocate all your expenses and create a budget. Also learn the laws on community property and equitable distribution. Find out what assets get shared in the Divorce Action Plan Kit and how to keep your money seperate.
Digital Divorce
Protect your online life and accounts. Add sanctions to a prenup to prevent cyber attacks and harassment if there is a breakdown in the marriage.