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How to approach a prenuptial agreement

by | Jan 3, 2017 | Firm News |

The excitement of an upcoming marriage does not always naturally lead to a discussion about finances. While newly engaged couples in Florida may prefer to focus on the romance of this new stage in life, it is important not to neglect fiscal responsibility. According to Forbes, arranging a prenuptial agreement is advisable for couples in a variety of circumstances, and it should be discussed openly between future spouses. The first step is to explore the options available for asset protection, especially for those who own a business or real estate. A prenuptial agreement may provide couples with the security of knowing their significant assets will be protected in the event of a divorce.

Talking honestly with each other about the division of assets is important. Additionally, people who are about to enter into marriage should know about their spouse’s financial situation. This includes not only assets, but also debts and liabilities. Drawing up a prenup may reveal facets of each spouse’s financial history which might not otherwise have been known. Discussing these issues, as well as future issues such as estate planning, may avoid heartache and difficulty down the road.

Entrepreneur offers tips regarding prenuptial agreements for small business owners. The most important piece of advice for this sensitive issue is thoughtful communication between partners. A prenup should be discussed thoroughly, with each spouse listening and considering the other’s preferences. Each partner should be honest about their priorities, but it should not seem like an attack on each other. It should also offer some flexibility in the event that the couple’s circumstances change over time.