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Financial discussions could result in a prenuptial agreement

Marriage is the act of combining two lives into one, and there are many considerations that must be made to ensure that a match will be rewarding and fulfilling for both parties. Aside from physical attraction and romantic love, there are a number of practical matters that will define the days and years that make up an Alabama marriage. Financial concerns are one of the most important topics that should be discussed prior to marriage, and those discussions often reveal the need to draft a prenuptial agreement.

When discussing money matters, it is imperative for both parties to fully disclose the amount of debt that they will bring into the marriage. Paying down debt will have a considerable impact on the couple's ability to purchase a home or start a family. In addition, the source of that debt will give some insight into the spending habits of each party. Debt that is obtained by way of student loans is far different than excessive credit card debt.

The next topic should be the assets that will be brought into the union. In some cases, one party has already accumulated a significant base of assets, whether from an inheritance, savvy investing or employment perks. If one party has far more wealth than the other, it would be wise to create a prenup to protect those assets against loss in the event of a divorce.

Finally, the discussion should include each spouse's idea of how the family's budget will be constructed. If one party thinks that having a big house and expensive annual vacations is a priority while the other is ready to begin aggressively saving for retirement, it is helpful to talk things out prior to combining income, assets and debt. Alabama residents with vastly different financial approaches can be happily married, but it takes a degree of compromise and plenty of communication to make such a union work. Having a prenuptial agreement in place should be viewed as nothing more than a simple financial planning measure.

Source: nydailynews.com, "5 easy steps to protect your money in marriage -- and divorce", Pam Friedman, Feb. 4, 2016

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