Happy V-Day! For those of you who got in engaged today: Congratulations!! You are not alone, in 2013, 14 million couples were expecting an engagement on Valentine’s Day, up from four million in 2012. In fact, about 10% of all proposals occur on Valentine’s Day annually (cnn.com). So while you are in the midst of new found love…. consider the benefit of discussing a prenuptial agreement prior to tying the knot.
Discussing a prenuptial at the beginning of your relationship forces upfront, open communication about your finances or lack thereof rather than waiting until later when the relationship has reached a breaking point.
You should be discussing not only your assets and income, but also credit card debt, student loans and how each party’s income will be used to pay that debt. Don’t forget to discuss household expenses and the allocation of that income to pay those expenses.
Even though a prenup is considered a binding contract, the contract can be amended at a later time.
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