One of the estate planner’s most important planning tools is a prenuptial agreement. Prenuptial agreements are especially important for those who are entering into second marriages with children from a first marriage, or where one of the parties has a substantial estate prior to the marriage. Prenuptial agreements are often used in second marriages for the purpose of ensuring that the estate is preserved for children and others. Statistics show that second marriages have a high rate of divorce, so the use of an effective prenuptial agreement lessens the risks involved in entering into another committed relationship. Prenuptial agreements are also a valuable tool for ensuring family businesses stay in the family.

Important Tips for an effective prenuptial agreement:

1. For reasons that should be obvious, don’t wait until the day before the wedding to discuss the prenuptial agreement.
2.  Discuss the prenuptial agreement with each other openly.
3.  Discuss all of your assets with each other, as full disclosure is necessary for a valid prenuptial agreement.

Many people do not get prenuptial agreements because they believe it only increases the likelihood the marriage will fail, however, this is a cynical view of marriage. After all, marriage shouldn’t be about assets.  For most of us, marriage is about love and commitment. If the only tie that binds is the thought of splitting assets, that’s not a commitment. Oftentimes, a prenuptial agreement is the only truly responsible way to enter into marriage.