By: Sarah Stewart Legal Group
It is common knowledge that the divorce rate in the U.S. hovers around 50%. Parents, especially those who have been through divorce themselves, are aware of the complications divorce can cause, particularly for young couples.
Though having a contract in place before marriage may not sound sexy, prenups are a great idea for young people looking to start their families. Parents can make their children’s lives easier by bringing up the topic of prenups when their children first start dating, usually in their teens.
There are 4 benefits to talking to your teens about prenups before they find the person they want to be with forever.
(1) Prenups Are Good For You
We all hear the horrible stories about divorce battles fought in court. Some of us may have even lived them. Prenups make those battles much easier because you have a template to follow when you’re going though the process. You planned out what would happen before you even got married, so the court, given no unforeseen circumstances, will generally honor the contract.
A divorce that could have taken years to complete, can be done in a matter of weeks. That can save you, or your kids, a lot of stress and time!
(2) Teach Your Kids About Prenups So They Know What They Are
For many of us, the concept of a prenup never came up before we were engaged and thinking about marriage. Then, for some of us, thinking about the end of the marriage to the person we love before the marriage has even started, seemed in poor taste.
Educate your kids now so that they know what these documents are and what they mean. Then, they and their future fiance will know what is available to them and the benefits of having a prenup in place.
(3) Protect Family Wealth and Inheritance
The reality is, if you are wealthy and your children stand to inherit a significant amount of wealth, a prenup will be even more beneficial to them than the regular Joe. Prenups protect those inherited assets from the future spouse.
Moreover, for couples who marry later in life, they often bring in their own significant assets- real estate, retirement accounts, businesses, etc. For couples marrying later, a prenup allowing them to keep their assets separate is extremely beneficial if you end up in a divorce later in life.
(4) You’re Not Attacking Anyone
People can become defensive when they are confronted with advice about prenups after a proposal. They can think breaching the topic means you don’t like their current partner. If you can bring the subject up years before your child has found a significant relationship, you can take a lot of the emotion out of the subject and focus on the benefits your child can receive.
You may find bringing up the topic of prenups with your teen difficult. Celebrity divorce and death are all over the news. One way to start the conversation may be commenting on the current situation of a celebrity. You may also consider bringing your kids in for your estate planning discussions with your advisors and asking that advisor to discuss prenups.
However you choose to do it, talking about prenups with your kids is a great way to prepare them and protect them in the future!