A Time for Weddings—and Prenuptials
Weddings are a time of joy. So it’s not surprising that some brides and grooms don’t want to think about divorce statistics. Past statistics have shown that in the U.S. 50% percent of first marriages, 67% of second, and 73% of third marriages end in divorce.1 Most marital discord occurs around money and finances. If both partners address these issues early in their relationship, they can build communication skills and gain a better understanding of each other that may help in later years.
For those making wedding plans, a prenuptial agreement can be wise financial planning.
We believe the earlier a couple begins to discuss the idea of a prenuptial agreement, the better. At its core, a prenup is an agreement between two people, with no wrongs or rights. After all, marriage is not only an emotional and physical union, but also a financial one. Prenups may provide security and protection to both partners in the event of divorce and death, regardless of individual wealth. A prenup gives both parties control over their financial future. Once the dialogue begins, a financial advisor can assist.
Weddings are a wonderfully romantic beginning, but only represent one day of what everyone hopes will be a lifetime adventure. Prenuptial agreements can help solidify communication skills and build the foundation for a strong and rich marriage.
You should discuss any tax or legal matters with the appropriate professional.
1) The High Failure Rate of Second and Third Marriages, PsychologyToday.com, Feb. 6, 2012