If Your Adult Child Is Engaged To Be Married, You Should Read This – How To Discuss Prenuptial Agreements With Adult Children
It is a widely held perception held by the public that prenuptial agreements only serve to disadvantage one spouse-to-be over the other, and to keep wealth in the hands of one person to the marriage over the other. We often see conversations about prenuptial agreements play out on T.V. in dramas between one wealthy fiancé and his or her family, and his or her poorer bride or groom-to-be, usually with a fight ensuing about whether the suggestion of a prenuptial agreement means that there is truly less love in the upcoming marriage. In real life, most news about prenuptial agreements surrounds wealthy Hollywood celebrities, successful athletes, and Silicon Valley moguls. However, prenuptial agreements are not only about power and control, hoarding wealth unfairly, or mistrust between a couple. Prenuptial agreements are a useful tool to consider in any relationship with a pending marriage, and can ultimately allow two individuals to focus more on their relationship, and less on who will end up with what if the marriage ultimately disintegrates into an end. Indeed, a prenuptial agreement is simply a contract that takes the guesswork and controversy over who-gets-what in the case of a divorce.
Parents of an adult child who is soon to be married may want to broach the topic of putting a prenuptial agreement in place, but may also be concerned with offending their adult child and/or their child’s fiancé. This week Forbes online magazine provides some helpful tips for parents of adult children on how to broach this sensitive topic. If you are a parent with an adult child that is soon to be married, here are two strategies Forbes suggests for bringing up the subject of a prenuptial agreement:
- It’s a family affair. Forbes suggests broaching the topic of a prenuptial agreement with an adult child by simply saying that prenuptial agreements are just something that your family does, and that a prenuptial agreement actually takes the subject of money off the table, and places the focus of a marriage more on love, friendship, and family. However, Forbes notes, this strategy may not be the best, even if well-intentioned, as it does not address the anxieties that naturally come up when money issues are involved.
- A philosophy on succession of ownership. A second way to broach the issue, Forbes suggests, is for parents of adult children to agree with each other on a family philosophy about the ownership of family assets, and to explain that these assets should stay in the family regardless of any future in-laws, who the family may or may not get along with. In order to use this approach, the online magazine explains that parents of adult children should have an honest conversation first with each other to agree on how they’d like family assets to pass within the family, and then have a conversation with the adult child before a serious significant other is even in the picture. Forbes notes that once the adult child is in a serious relationship, the conversation becomes more difficult because people are likely to be less objective about money matters.
If you are in Chicago and are interested in learning more about whether a prenuptial agreement is right for you, contact the experienced Chicago prenuptial agreements lawyers at the law offices of Birnbaum Gelfman Sharma & Arnoux, LLC. Contact Birnbaum Gelfman Sharma & Arnoux, LLC today and speak to a seasoned Chicago prenuptial agreements lawyer about your rights and options.