Dear Quentin, I am thinking of marrying someone who has a substantial amount of money. I do not have much. I own my home, have a military retirement, and work part-time. I want a prenup and so does she. We do not have and will not have children.
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“A prenuptial agreement must have both parties represented by separate attorneys and it is vital to ensure that there is full and complete disclosure of liabilities and assets and that the marriage is entered into between two consenting adults,” according to the Canterbury Law Group. “The agreement must be fair when signed and the application must also be fair, regardless of whether it is five years later or decades later. These are all primary aspects of a good and healthy prenup. “The law firm also cautions:” Some unfair characteristics may include when both parties have to pay their own fees for legal fees during a divorce. Equal divisions of assets obtained in marriage when individual states often have different rules governing asset allocation, especially when it comes to property. Sometimes agreements state that one of the parties will receive a fixed income in the event of a divorce that decades then it may be totally inappropriate due to inflation and changing cost of living. ” Without a prenuptial agreement, your fiancée could certainly slash his current magnanimous cost-of-living proposal. You, meanwhile, may be traumatized by the financial reversal of fortune after a divorce and realize that $ 50,000 isn’t that much money after all. Time, experience, and a marriage gone awry can change their lives, and their perspective on who deserves what is turned upside down. They are both right. There is no wrong answer. You may agree to review the agreement after five years of marriage in case either of you wants to make an amendment. They cannot force each other to change the terms of a prenuptial agreement. Otherwise it would defeat the purpose of signing one in the first place. However, it can help open up that conversation in case it’s needed in the future, and also take the pressure off both of you now before your big day. You can email The Moneyist with any financial and ethical questions related to the coronavirus at email@example.com The Moneyist: When my parents died, my sisters and I divided their estate. I chose a painting that can be worth $ 50,000. Should I tell them? Hello MarketWatchers. Take a look at Moneyist’s private FB Facebook group, + 0.04%, where we look for answers to life’s thorniest money problems. Readers write to me with all kinds of dilemmas. Post your questions, tell me what you want to know more about, or comment on the latest Moneyist columns.