Marriage is, for many people, the foundation of a happy life. But modern living puts pressure on us in so many ways, and money is often at the core. Finding a way to build trust and openness can be difficult. We all have complicated relationships with money, which begin in our childhoods and reflect our parents’ attitudes and beliefs. There are often hidden sensitivities and danger spots that neither partner is aware of – until something crops up that creates a problem.
In addition, it can be hard to navigate through all the things that Gen X and Gen Y will potentially face:
- Multiple careers, multiple 401(k)s
- Complex equity compensation
- Blended families
- Family wealth
- Moving to a new city or state
- Leaving the workforce
- Starting a business
Having a road map that begins with honest, structured conversations and allows each partner to weigh in on decision-making and feel heard can be the best way to build a long-term, respectful relationship.
The resulting document is called a prenuptial or pre-marital agreement. It was originally conceived to protect each partner throughout the marriage and simplify the proceedings in the event of a divorce.
There are still a lot of situations where a prenup is necessary. But even for couples without those factors, the process of being thoughtful about money and respectful of each other is a normal part a relationship. It can be a springboard to allowing each partner to build a professional life that satisfies them while also keeping the family and marital life on track.