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A prenuptial agreement might be the best wedding gift ever

Couples with complex estates have a lot to lose if their marriage goes bad. This is especially true when a person brings a lot of assets into the marriage. While the state of Minnesota only requires couples to spit what is referred to as marital property, it is simply too easy for non-marital property to become marital in the course of a marriage. That is why high-asset Minnesota couples should consider a prenuptial agreement.

While no one wants to think about the possibility of divorce when they are about to get married, the sad fact is that divorce is a reality and being prepared could be one of the biggest gifts a person ever gives to their spouse. The reason is because in addition to protecting assets and providing a clean end to what is often a hard time, a prenuptial agreement allows couples to make financial decisions when their relationship is still good.

One of the most important things to keep in mind when considering a prenuptial agreement is that maintaining open communication is essential to getting through the process. While some couples find these discussions to be easy, others struggle when money comes up. Nevertheless, it is important to get everything out on the table. Transparency in financial discussions is not only healthy emotionally, but it is vital for a valid agreement.

According to the American Psychological Association, nearly 40 to 50 percent of marriages in the U.S. end in divorce. A Harris Interactive poll from 2010 further found nearly 15 percent of adults regretted not having a prenuptial agreement. From family owned businesses to retirement savings accounts, whenever complex asset division is a possibility in the event of a divorce, a prenuptial agreement can be extremely beneficial.

Source: U.S. News and World Report, "For Love or for Money: Should You Get a Prenup?" Ginger Dean, April 25, 2014

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