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The value of a prenuptial in any marriage

Marriage is more than an agreement between two people to pronounce their love and share their lives. It is also a legal partnership that comes with certain responsibilities and rights. This is why more people in Minnesota and around the country are requesting prenuptial agreements in order to safeguard their separate property in the event of a subsequent divorce. Various age groups also have differing views on these legally binding contracts.

Older couples with prior marriages, children and significant assets are typically more willing to consider prenuptial agreements for practical reasons. On the other hand, younger couples who are in their 20s and 30s tend to view prenuptials as being unromantic. It is important to remember that prenuptial agreements can do more than just simplify divorce issues down the road. They also serve to help younger people have more open conversations about their finances, personal goals and future plans.

Engaged couples are encouraged to consider prenuptial agreements as a way to clarify information. They may want to discuss whether they will have a shared bank account or separate accounts. They may discuss who will pay certain bills and if they should ask permission from the other partner before spending money. Most people will not want to discuss these matters at a time when they are focusing on the joy of a wedding, but clarifying this information ahead of time can help avoid disputes later.

When it is time to work out the details of a prenuptial agreement, each partner should have their own legal representation to review the information and ensure that their best interests are met. The process does not have to be adversarial, but it is wise to work with experienced professionals who can help people consider issues like existing assets, the marital home, how any future inheritances will be addressed and other important matters.

Source: The Huffington Post, "Prenuptial Agreements: The Ultimate Symbol of Love?", Justine Borer, August 22, 2014

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