Thursday, September 30, 2021
Millions of people congratulated Britney Spears on her recent engagement. Almost as many urged her to get a prenuptial agreement. . . . In fact, the singer’s assets are valued at more than $50 million, which makes the pop star and her long-time love obvious candidates, but fame, fortune and a financial conservatorship aside, most couples can benefit by sorting out some money issues before tying the knot.
For example, prenups, which generally safeguard real estate and investments holdings, savings accounts or a business, can also offer the chance to hash out how a partner could be compensated for leaving the workforce to care for their children.
In addition, it’s increasingly common that there are complicating factors, including children from a previous relationship, a family business, real estate and investments holdings, or one partner’s student loan or credit card debt.
A solid prenup can even help couples stay married, according to Penelope Hefner, a family law attorney and principal of Sodoma Law Union in Monroe, North Carolina. It’s an opportunity to have those conversations about money, she said. Doing this before getting married gives each person a better understanding of what’s most important to their partner as well as the chance to discuss and set shared goals.
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