When considering marriage, many Florida spouses are concerned about money management. However, very few take the time to actually sit down and hammer out a solid plan for how to combine and manage finances as a married couple. Prenuptial agreements offer a clear and well-defined path toward having those conversations. Unfortunately, few spouses recognize the benefits of negotiating a prenup.
A recently published article outlines the ways that couples can be successful, both financially and in marriage. One of the most important factors is being open and honest about the full scope of their individual finances prior to walking down the aisle. This is key to negotiating a prenuptial agreement, as individuals are unable to discuss the distribution of assets in a divorce if they are unaware of what assets and debt will be brought into the marriage.
The article also mentioned that couples who are open about their financial preferences and plans have a better chance of success. This is also an important component of negotiating a prenuptial agreement. By discussing each person's goals and expectations, areas of potential conflicts will become clear. That is not to say that the marriage plans will not move forward, it just gives the couple a chance to discuss how to compromise and identify areas where each person can improve their financial skill set.
Prenuptial agreements often get a bad rap. Many Florida residents believe that the sole purpose of a prenup is to protect the more wealthy party from loss in the event of a divorce. In reality, however, prenuptial agreements are incredibly flexible and valuable financial planning tools, and can help a couple strengthen their marriage by discussing important matters early in their relationship.
Source: sfgate.com, "12 things successful married couples do with their money", Emmie Martin, Nov. 10, 2016