When my spouse and I got engaged 32 years ago, we did not do a prenup. We didn't even consider doing one, even though I had more assets that she did, by owning a house. However, in total the amount of assets for both of us wasn't much, maybe about $100,000, not including retirement accounts.
We've always mixed our finances, even when I was the only wage earner. We shared a joint checking and savings account. It's been that way every since we've been married. We did have a soft budget, trying to manage costs where possible, especially for large purchases.
It's a different world for out kids They may have significantly more assets based on inheritance and be able to protect them without a prenup. We have planned for that with our trusts that become irrevocable when we pass away. By keeping the inherited asset in the trust, even after they get married, it remains 100% theirs in the case of a divorce, since a irrevocable trust is NOT marital property which can be claimed by the spouse.
Hopefully, they will stay married and not need a divorce. If the do have a divorce, assets inherited from us will be protected as long as they remain in the trust.
For more on Crossing Generations, check back every Thursday for a new segment.
This is not financial, marriage, nor prenup advice. Please consult a professional advisor.
Copyright © 2026 Achievement Catalyst, LLC
Subscribe to My Wealth Builder
No comments:
Post a Comment