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Romance & Money

Setting Realistic Financial Goals

Is a prenuptial agreement right for you?

 Connie in Lafayette, Oregon:
"My fiancé and I plan on a wedding next month. I love my fiancé and want him to be happy. He wants to stay in school and get his masters degree while I work. I know that in the long run his degree will mean higher income and a better lifestyle for both of us and any potential children. But I can’t seem to escape feeling that for the next three years, I’m making all the financial sacrifices. What if we end up divorced in five years? I don’t like these thoughts, but I can’t ignore them, either."

Connie, you need not feel guilty over having those thoughts; they are natural. If you are concerned about the possibility of a divorce in five years, you may want to consider a few options:

Couples counseling and/or a marriage budgeting class often available at community colleges, a local YMCA, or even your church.

Together you should draft and discuss a three, five, and ten-year budgeting and financial goals plan. This plan should include your cost of living expenses and the cost of his education. This plan can be short and sketchy or as detailed as you choose.

Review and revise this plan often, at least every sixty days.

Another option is to make an appointment with an attorney that specializes in prenuptial law, and consider a prenuptial agreement that addresses your concerns. These agreements are not at all as taboo as they once were. They are becoming more and more acceptable as both spouses these days generally come into a relationship with assets to protect. However, a prenuptial agreement may not legally cover your concerns as you state them. These are generally for people with children from a prior marriage, a previously owned business, or property to protect. Check with an attorney.

Additional information on this topic:

 

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Important Financial Help Websites and Phone Numbers
mindy@overcoffeenotary.com


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