Wednesday, May 24, 2017

Wedding Season is Upon Us, Do I Need a PreNup?

The weather's turned warmer, the Save the Date cards have gone out, the wedding planning is in high gear (if you need a good planner, I suggest Busy Bride Planning + Consulting) and you think you've got everything checked off your list to make this the best wedding.

But then you start reading the newspaper, checking your new feeds or watching the local news, all of whom suddenly have an interest in telling you that you need a prenuptial agreement before you get married. It's like all forms of media are conspiring to get this idea in front of you and into your head, whether you like it or not.

What's really happening is that the media knows that with all of the upcoming summer weddings, it's a great time to push all kinds of things in front of a nervous couple who can't wait to be married and are suffering from constant FOMO (Fear Of Missing Out).

But despite the media hysteria, preparing for your wedding is a good opportunity to get your affairs in order as you get ready to merge your life with someone else's. You've spent some time on your own, but now your life is shared with someone else (and possibly someone else's children, other relatives, a cat, maybe the upstairs neighbor who stops by on Fridays for some odd reason) and it's a good time to plan for that future.

This time of year brings many common issues to my office door. The two most prevalent being: 
  • Do I need a Prenup? I don't know, but it's worth sitting down with a financial advisor and an attorney to figure out if one would make sense for you and your family.
  • Do I need an Estate Plan? Probably. You're about to start a new life together with someone and it would be great to have an estate plan in place so you can start your life fresh with confidence that you have a plan in place.
Anything else to consider? You probably want to check your beneficiary designations on your accounts, making sure that Aunt Rosie isn't listed as the person who gets your money. You should also check any prior wills, legal agreements or other agreements that may impact your life with your new spouse.

It's an exciting time preparing for a wedding, but with that excitement, make sure to keep your future planning in line. It's designed to keep things from being exciting, which in the end, is what you're future spouse would prefer...

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