Financial expectations and prenuptial agreements
When a bride and groom are considering their marriage and their future life together, one thing that often does not come to their minds is a prenuptial agreement. Why would they discuss something that they would only need if they were involved in a divorce proceeding in Illinois?
If it is a second marriage, they should consider a prenuptial agreement if they have children from their first marriage and they wish to ensure they receive specific property. It can be important if you have a vacation home or cabin that has been in the family for a long time. If a parent who remarried dies, the property could pass to their second wife or husband and cut off the children.
Of course, speaking to your future spouse on this topic is a sensitive subject. You need to approach it with care and discretion. One reason it is so sensitive is that it deals with your financial goals and your expectations for those goals within your marriage.
By having an open and honest talk about your financial expectations, it will necessarily implicate virtually all other aspects of your marriage.
This type of a discussion can help move your relationship beyond the giddy, “in-love” nature of initial romance, to sounder ground and create a foundation that will be able to withstand the turmoil and travails that beset any marriage relationship.
On the other hand, if you both have few assets and you will not inherit significant property you may not need the prenuptial agreement. But you still should have that financial discussion, as financial expectations are critical for every marriage.
Source: The Huffington Post, “What To Consider Before Asking For A Prenuptial Agreement,” Geoff Williams, November 27, 2013