Financial Focus: should you consider a prenuptial agreement?

11:04 PM, Jun 27, 2018

Summertime is wedding season!

While you and your future spouse discuss a honeymoon destination and the perfect DJ you might want to talk about something else: signing a prenuptial agreement.

As our partner at Carlson Financial says it can prevent some major issues down the road.

When most couples say “I do” on the big day, the challenges of death or divorce are the farthest things from their minds.

Carl Carlson, CEO of Carlson Financial, said, “You’re thinking its all going to be awesome and it doesn’t always end up that way.”

It’s why Carlson recommends some couples get a prenup.

“If someone is just a couple love birds, 18 years old, 19, just getting married, a prenup is not that important.”

However, if a couple is in their mid-30s with successful careers, 401k’s and a good chunk of money saved up it’s a different story.

“There needs to be some clarity…what happens if something happens in two or three years or one of us passes away suddenly? Are you going to leave all your stuff to someone else? Is it going to come together?”

Approaching the subject of a prenup with your future spouse can sometimes be a challenge.

“They just shy away from it because they don’t want to upset each other, but the problem with that is they don’t upset each other in the short term, but it can lead to upsetting each other in the long term by not getting clarity in the beginning.”

If couples do decide they need a safety net here are some of the steps Carlson recommends:

  • Download prenup forms on the Internet
  • When the forms are almost complete each person should see their own attorney
  • If money is an issue prenups can be done on your own without legal assistance

Carlson also says people can update prenups. He recommends having an annual family meeting to see if any changes need to be made to the original agreement.

Carlson Financial is a sponsor of Financial Focus.

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