You have found one. Love for you for the rest of your life. You are planning a wedding, dreaming of your future, and imagining shared memories for a lifetime. Therefore, there is no prenup even in the picture.
But then, the financial curve ball was delivered. During cake tasting and venue tour, one stumbled to find a discovery: his soon-to-be wife’s credit card debt of $82,000.
The curve ball put him behind. After years of building a stable financial foundation, he suddenly felt that this was the bottom of the ninth place, with the runners' foundation tied with the score. He was the last batsman.
Now, with the wedding date approaching and his fiancé is reluctant to sign a wedding, he doesn't know if love is really enough - or whether this financial mismatch can overturn everything they're working on.
Prenups were once seen as a tool for wealthy grooms to protect themselves from their spouse’s financial habits. However, this perception is slowly changing - at least for some.
Although only one in five married couples in the U.S. have a training session, about half of American adults say they support the idea somewhat, according to a recent Axios survey.
Contrary to common belief, Prenups are not only for the rich. They also don't have to protect only wealthier partners. Instead, training can act as a financial safety net among two spouses before marriage. When done correctly, the foster machine works like a financial planning tool. Couples can use it to clarify responsibilities, outline debt expectations, discuss potential inheritance, and more.
In this case, the fiancé's refusal to sign Prenup is a red flag. Her $82,000 credit card debt is surprising - it can have long-term consequences. Couples can see it as a way to protect their two interests over the long term, rather than viewing Prenup as a divorce preparation.
For example, Prenup could develop a fiance’s responsibility plan for addressing a wide range of credit card debt, perhaps with some support from her spouse. If she doesn’t discuss the wedding or set clear financial expectations before the wedding, it might be time to stop. It is best to iron these details before walking through the aisle.
Otherwise, shared debts may delay their financial plans.
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While training may not be romantic, it makes sense in some cases, especially when financial imbalances are being balanced. If one partner has a lot of money savings and another partner has significant debt, it is worth considering.
Other good reasons to consider training include a partner program to stop working, whether anyone owns a business, whether there is a previous relationship, or a partner bringing a lot of assets into the marriage.
Even if it sounds good, talking about prenup can be a difficult topic to browse with your partner. The topic carries assumptions and stigma. Be careful and open-minded when you bring it up with your fiancé.
Even if you are separated, instead of focusing on protecting your own assets, you are aiming to protect your two financial futures.
Start with a common goal. Be sure to listen carefully to your potential spouse’s thoughts. If it's important to them, find a way to include it in the protocol.
These conversations are not easy. That’s why it helps to start sharing financial information early and consider working with professionals to create fair agreements that will make both of you comfortable.
This article provides information only and should not be construed as advice. It is without any warranty of any kind.