Prenups are for lovers
Paperwork is more romantic than you think. Prenups allow you to have important money discussions with your partner that can actually bring the two of you closer. And good news for you – we help kick off the convo.
Congrats, HENRY! You landed the life partner, the bling, and now you get to throw a fabulous party celebrating, well, yourselves. You’re on cloud nine, and nothing can bring you down. Except maybe the words “prenuptial agreement.”
We know, we know, prenuptial agreements get a bad rep; every millennial watched Tom Cruise divorce Katie Holmes before he had to hand over half his fortune. The mere mention of a prenup can pop even the happiest wedding bliss bubble. No one wants to think about the possibility of divorce when you’re taste-testing cakes or booking a honeymoon in Bali.
But here’s a dose of reality, courtesy of Stash Wealth: getting married typically causes a significant shift in your finances. There are bank accounts to merge, bills to sort out, and decisions to make about the future. Most important, you’re about to share everything you own and have worked hard for with another person.
Instead of allowing a prenup to rain on your outdoor Hamptons venue, let’s discuss the reasons why getting a prenup is not only smart, but maybe even, dare we say, a little romantic.
Hope for the best, plan for the worst
You don’t purchase disability or life insurance because you’re expecting to become disabled or die young. You purchase these policies to provide protection for yourself and your loved ones in case something bad happens to you. The same goes with a prenup! No one goes into a marriage planning to get a divorce (we hope), but you should still prepare for a worst-case scenario.
Romance is in the… prenup
Prenups force you to have important money discussions with your partner that can bring the two of you closer.
We’ve said this before, but it’s worth repeating: it is super important to have an honest discussion about money with your partner before tying the knot. This poll found that 70% of couples fight about money more than any other issue, even sex!
Drawing up a prenuptial agreement helps you and your partner to gain a clear understanding of your finances with the help of a professional. Talking about your money now can solve a lot of potential problems before they ever begin.
Prenups show you care, no matter what
Going through a divorce can be an incredibly stressful time. If you’re in the midst of it, it can be hard to see things rationally and make smart decisions without emotions getting in the way.
Prenuptial agreements aren’t just about protecting yourself in the event of a divorce. They can also ensure your partner is provided for if things don’t work out. Planning for such a situation while you’re in the right frame of mind shows that you want the best for each other, no matter what.
And, preparing for a hypothetical negative event can tell you a lot about your partner. If they’re considerate, flexible, and collaborative throughout this process, you just gave your union an extra boost of confidence. If things get weird, though, we’ve got a red flag with their name on it.
Prenups don’t always front-run divorce
The terms of a prenuptial agreement can include other important pieces of financial information, like various insurance policies, bank account access, estate planning, deeds, and how to care for any children you may have.
Put the “pre” in prenup
If you do decide to get a prenuptial agreement, plan to have it completed well before invitations go out—at least 5 months before your wedding date. Freak outs before the big day should be about delayed deliveries of Veuve Clicquot, not sensitive financial details.
See? Prenups aren’t so bad, after all. They might even help you and your partner build a more secure bond that will last a lifetime. What’s more romantic than that?
Need a financial planner to help? Consider getting a Stash Plan today.
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Stash Wealth Staff Writer
Stash Wealth Staff Writers are knowledgeable about personal finance topics. Their objective is to unravel the complexities of finance trade jargon, products, and services in order to equip HENRYs with a sound understanding of financial matters.