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A prenuptial agreement is useful tool for money management

Budgeting for a wedding and honeymoon can place a strain on a couple's finances from the beginning. Since the average cost for both can run an estimated $30,000, it may be beneficial to both parties to have a serious discussion about financial goals in the beginning of the relationship. To that end, a prenuptial agreement may provide an opportunity for Colorado residents to discuss how they hope to handle their marital finances.

Financial planners have lamented that women do not always seem to take an active interest in the monetary aspects of their future relationship. Some say that wives may pay more attention to personal and physical details concerning their intended spouse rather than discussing one's future financial goals. However, having a plan in place and taking steps to secure any independent financial assets in the event that a marriage ends in an early death or divorce may provide the peace of mind that both partners need.

Spouses are also encouraged to protect their own credit rating and to only contract joint debt for major purchases such as a mortgage when both parties are in agreement. Social Security numbers are unique to an individual and are not affected by a marriage unless the parties choose to commingle debt that can have an adverse effect on one's rating. In addition, it is important to ensure that any retirement and insurance policies contain updated beneficiary information unless the couple has agreed to name another party such as children from a former marriage.

Though the topic of a prenuptial agreement may be more likely to be brought up in a second marriage, these contracts are appropriate for a first marriage. Having an in-depth conversation before a marriage enables both spouses to discuss each one's role in managing the marital assets while also providing a more complete picture of their overall finances. Colorado residents who are interested in drafting these documents correctly may seek input from an experienced attorney.

Source: kiplinger.com, "A Guide to Marital Money Bliss", Janet Bodnar, Accessed on May 10, 2018

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