Best Prenup Is the One Never Triggered

Letter to Ephesians: We’re told Millennials are into “prenups” with “triggers” to protect non-working spouses should a divorce doom their financial future. Lawyers & prenup apps are offering gads of advice. Here’s mine: Marry a soulmate OR don’t get married …

The WSJ article laid the dilemma squarely enough: “Stay-at-home parents face a nightmare scenario in divorce & more are trying to avoid it.” It warns the courts still don’t always take into account how a divorcee who gave up his or her career to raise the kids can have a huge hill to climb getting back in the labor force, at least, one that pays decently; and giving the sacrificial lamb a bigger piece of the home or other marital assets seldom cuts the pie equitably (or realistically) enough. As the article notes, attorneys & financial planners have tried to address the issue with formulas that might level the playing field. Yet, what the WSJ fails to mention is that even the family’s wage earner has no lock on fortune, can lose THEIR career & become penniless too. No prenup will solve THAT possibility, which happens more often than realized.

So, millennials, do work with an advisor to tailor a prenup to fit your dreams with an eye to sorting things out as fairly as possible should the worst happen. But what I’ve also advised (and still would advise) newlyweds is to first make sure they’re dealing with the greatest personal defense of all: A soulmate who mutually can’t conceive of living without the other. You’d be surprised at how many don’t. Mr. or Mrs. Forever also needs to be one who has (or during the early stages of marriage will get) the education, experience & skills needed to quickly resume or start a good-earning career. Substantial assets & debts should be jointly owned, where possible. And can anyone quibble with the non-working spouse having a substantial separate safety net (trust) fund to boot?

Davd Soul