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Home » When wealth is in the picture, prenuptial agreements make sense

When wealth is in the picture, prenuptial agreements make sense

April 13, 2017

Just a few decades ago, most Connecticut couples would have never considered a prenuptial agreement before getting married. They were likely under the assumption that they were supposed to fully trust their future spouses, even if one had much more money than the other. Plus, it would be immature to love money more than a spouse. However, with many people – not just celebrities – losing hundreds of thousands or even millions of dollars in a divorce, those with some degree of wealth are considering prenuptial agreements so that a possible divorce doesn’t leave them homeless and penniless.

Many men and women accumulate wealth – perhaps a few million dollars – after a spouse dies. So if they make the decision to marry again, they likely want asset protection, especially if the other spouse is not as well-off financially. This is true even if they think the person they are marrying is kind and trustworthy and not the type of person who would try to take everything in a divorce. People can be dishonest and many have certainly changed their personality once they’ve become married.

The nice things about prenuptial agreements is that they can be changed. After a certain amount of time – 10 years or so – couples can evaluate their relationships and see where they stand. Is the marriage rock solid? Can the spouse be trusted? If so, perhaps the prenup can be revised or eliminated altogether.

It’s true that a prenuptial agreement is not the most romantic thing for couples to discuss. However, if the other spouse is understanding, then he or she should be able to accept it. If a discussion causes issues for the relationship, then it might be wise to think twice about proceeding with the marriage.

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