Every time a celebrity couple splits up news sources start asking questions about prenuptial agreements. It’s been no different during the past few weeks as news and speculation about Tom Cruise and Katie Holmes’ divorce leaks out. But prenuptial agreements aren’t only for celebrities, and they aren’t only for the rich and famous. In fact, any person with significant assets, or with the potential to acquire significant assets, should strongly consider signing a prenup before walking down the aisle.
A recent article from Fox Business News points out that “While prenups are most common if either party has substantial assets, children from a prior marriage, high income or has lost assets to a previous spouse… individuals might also want to plan successions related to family businesses or protect parental trusts that have been set up for either party.”
Discussing a prenup with your fiancé doesn’t have to take the romance out of the coming nuptials. In fact, considering a prenuptial agreement—discussing your financial values and planning for your financial future together—can be a valuable bonding experience for a young couple. With the right guidance from a knowledgeable individual, a prenuptial agreement can bring two people closer together.
But a prenuptial agreement isn’t something that can be thrown together at the last minute; it requires planning, research and discussion. Don’t wait too long before broaching the subject with your fiancé and your attorney. Make sure your new life together starts off on strong and secure financial footing.