Going to college is the time for sons and daughters to learn about finances and other business matters. It is also a good time to begin discussions about prenuptial agreements and their part in a divorce. College is an important time for dating and waiting until one is engaged or in a serious relationship may lead to complications and bad feelings.
A prenup is not necessarily bad and may be considered a marriage insurance policy for an event that may never occur. These agreements can help reduce the stress and complications of divorce.
Informing young adults helps take away the mystery surrounding prenups. This helps them when they become engaged and their fiancé asks then to negotiate an agreement or they may decide that they want one because of their careers or assets.
These young adults may earn substantial wealth, especially if they wait until their 30s to marry. By this time, they may have retirement accounts, brokerage accounts and own real estate. Prenuptial agreements are particularly important if the student expects to inherit substantial wealth or relatives are already transferring assets to them in a gifting program.
Providing information about prenups eliminates the personal from an important discussion. In other words, holding this conversation before one is involved in a serious relationship indicates that a prenuptial agreement is not about a parent’s distrust or dislike of a future in-law.
Celebrities may be used as examples for describing prenuptial agreements and their advantages. These discussions also provide an opportunity for children to learn about their parent’ assets, which may become important for estate planning or in the event the parents need assistance when they become older.
An attorney can also help introduce this topic and give students experience with dealing with professionals. A lawyer can also help each party consider options, negotiate terms and draft a valid agreement that protects their financial and legal interests.