Original Article by: Kimberly Foss of Empyrion Wealth Management
Many of my clients walk down the aisle with the security of a prenuptial agreement. Because the foundation of my work with clients is to plan for an unknowable future and ensure that they are prepared financially for whatever life throws at them, I almost always advise signing a prenup. Contact a Divorce Attorney in Columbus Ohio if you would like to discuss a prenuptial agreement plan.
But pitching the prenup isn’t always easy; many clients initially view it as unnecessary and, well, unromantic.
My most compelling argument for a prenup is, of course, the high divorce rate, and the fact that not all states have clear laws about spousal support. Even tycoon Richard Branson (divorced once) has come out in their favor, blogging recently that “Prenups have the power to play a very important part in keeping divorcing families as civil as possible. We all sign contracts when making a commitment to enter into business, employment and even Internet access, so why not for something as serious as marriage?”
With the right attitude, arranging a prenup isn’t difficult. After all, we’re negotiating at a time when both parties see the future in a positive light. Plus, prenups are far more accepted now than even a decade ago.
I pave the way for prenups by asking single clients about their relationships; I mention, sometimes jokingly, that I hope when the time comes they will consider a prenup. That way, I’m rarely surprised by a quick engagement or wedding; it also gives me the chance to float the idea at a time when a client is less likely to react emotionally.
Sometimes it’s the parent who pushes for an agreement. In one instance, a client’s daughter had just inherited several million dollars from an aunt with whom she’d traveled extensively in Central America. The aunt’s passion was to support local schools in the developing world, and she entrusted a large portion of her fortune to her niece with the unwritten understanding that she would carry on that work. My client convinced her daughter to protect those assets in a prenup.
Here, some tips for working with clients to create a successful prenup:
Blog by Kimberly Foss, CFP, CPWA, is a Financial Planning columnist and the founder and president of Empyrion Wealth Management in Roseville, Calif., and New York.