What do our listeners do if they're on The verge of marriage or they're they're Thinking about their kids getting Married I want to go talk to my kids and Make sure that my son or my daughter Gets a prenup how is the best way to Approach it what I found is that people Don't really object to the component Parts of a prenup what they object to is The word prenup or the idea of a prenup Itself right so if you go to your Significant other and you say hey should We be transparent with each other about All of our assets and debts that were Coming into the marriage with I mean you Certainly wouldn't want to be surprised If I've got you know 20 grand of of Credit card debt or 50 Grand about debt You know and you don't find that out on Tour you know applying to purchase a House right Um Would you agree that we should you know Lay down some rules about spending that We should have a deep conversation about How we're going to set up our accounts And have some kind of agreement about What's mine what's yours and what's ours You know can we set up these different You know I call them money buckets Um and determine what's going to be in My bucket what's going to be in your Bucket what's going to be in the joint Bucket how are we going to fund the
Joint account is our our checks going to Go into that joint account and then we Each get you know an allowance from that Joint account or are we going to keep Our money going on our separate accounts And we each kind of pay our share of the Bills is that share of the bill is going To be 50 50 or is it going to be Pro Rata with our incomes yeah you know Should we have ongoing mandatory Disclosures of like you know important Financial information like our incomes And our savings rates and our retirement Um all things that we typically advise Clients to put into their prenuptial Agreements and then yes you know like Any good partnership agreement you know If this were a business You're going to also in addition to Having kind of the rules of the road or How we're going to manage this Partnership you would also have you know The safety net the contingency Clauses For what happens if this partnership Doesn't work out yeah and when you Approach it from hey I'm trying to plan For our marriage together not I'm trying To plan for our divorce Hahaha
