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A12 BUSINESS
Wednesday 23 august 2023
Millennial Money: Do you need a

prenup?

By DALIA RAMIREZ
of NerdWallet
Prenuptial or premarital
agreements, often called
“prenups,” have a reputa-
tion for being a tool the ul-
tra-wealthy use to protect
their assets. But as marriag-
es have evolved, so have
prenups and they might
have more uses than you
think. Prenups can give
couples an opportunity to
communicate about their
finances and establish a
clear framework for the In this May 14, 2014, file photo, Brad Padgett, owner of Bradley’s
division of property and re- Jewelers, shows off one of his favorite engagement rings in
sponsibilities in case of sep- Jacksonville, N.C.
aration, divorce or even Associated Press
the distribution of one part- and more parties could be doesn’t mean you’re aim-
ner’s estate. affected. ing for it, just like writing a
True, it’s not very romantic Prenups can make a more will doesn’t mean you’re
to prepare for the worst significant difference in hoping for your life to end.
while you’re in a state of states with community A prenup is “basically a
premarital bliss. However, property laws. For exam- will for a marriage,” DiGia-
marriage is one of the most ple, in Arizona, California, como says. “Most people
significant contracts you Idaho, Louisiana, Nevada, want to have a will be-
can enter, and legal pro- New Mexico, Texas, Wash- cause they want to be
ceedings such as divorce ington and Wisconsin, any able to decide what hap-
and probate can be so assets acquired by either pens to their assets and
costly and time-consuming partner during the mar- not have a court decide.”
that a prenup may be bet- riage are divided equally Prenups allow you to agree
ter to have and not need in case of divorce, which on a division of property
than to need and not can cause issues with com- that feels fair while things
have. plex assets like businesses. are good so that you’re in
Prenups can ensure that “I think everybody could control of the things that
you, your partner and even benefit from a prenup; matter in a worst-case sce-
your children are in the some more than others, nario.
best possible financial po- depending on assets,” says “I try to encourage peo-
sition no matter what hap- Nicole DiGiacomo, man- ple not to view it as a bad
pens. Here’s how to know if aging attorney of her own omen or a sign of mistrust,”
you need one, could ben- family and matrimonial law DiGiacomo says. “It’s just
efit from one or may want offices in Rockland and accounting for a future
to consider a different op- Westchester counties in possibility. No one wants to
tion. New York. If your assets are think about when they die,
NOT ALL MARRIAGES ARE complex or high-value, a just like nobody wants to
CREATED EQUAL prenup may be especially think of the death of their
If you’re inheriting a fam- worth considering. marriage.”
ily business, have children A PRENUP ISN’T A DEATH couple the space to com-
from a previous marriage SENTENCE municate openly about
or are entering a marriage Some couples might be their finances. A prenup
with significant debt, a pre- wary of prenups because can be “a really helpful
nup can give both partners it feels like they’re plan- tool at the beginning (of
and their families peace ning for divorce before a marriage) to get a good
of mind. These conditions the marriage has even understanding of where
don’t mean the marriage started. However, protect- each party stands,” says
is more likely to end, just ing yourselves and each Craig Harris, estate plan-
that the stakes are higher other in case of divorce ning attorney at the Law
Offices of Daniel A. Hunt in
Sacramento, California. q

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