Thursday, February 20, 2014
Many clients may feel embarrassed or resentful when the topic of prenuptial agreements is broached. Here are a few guidelines to consider to help your clients end up happily married yet financially secure:
- Know who can benefit. Prenups aren’t just for the ultra-rich. Because more people are getting married later in life, they may have created a business, received an inheritance, or are simply good at saving.
- Get started early. Don’t let your clients wait until the day before the wedding to sign a prenup. Relieve that stress by encouraging them to begin the process at least four months in advance.
- Address the embarrassment. Prenups are a smart measure because many marriages do fail. Tell your clients it’s the financial situation that necessitates the prenup and not the quality of their relationship. Clients should also know that many more people have prenups than they may think; they just choose not to discuss them.
- Be flexible. While protecting assets is a priority, it’s also important to avoid creating a situation where parties are thinking about the agreement on a daily basis. Find out what’s most important and tailor solutions accordingly. A smoother prenup process will ease embarrassment and reluctance while making your client feel more secure.
See Tracy Craig, Love & Marriage: 4 Rules for Client Prenups, Financial Planning, Feb. 13, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.