Premarital Planning

At Pointer Creek Wealth Management we’re comfortable talking about money because we’ve facilitated money discussions amongst couples almost every single day for the past two decades. We know from experience these discussions usually bring a little anxiety before ultimately bringing calm and peace. Our promise to you is that Pointer Creek is a safe space to talk about money and all issues relating to it. Premarital financial planning is one issue we passionately believe falls into the old adage that an ounce of prevention is worth pounds of cure. Thousands of pounds, actually!

 

Before the big day, we always recommend a Benchmark Financial Independence Plan and a prenuptial agreement. Neither tool is about setting your marriage up to fail. Quite the contrary, it’s about keeping you and your partner on the same page financially, and showing your partner you want the best for them in the chance feelings ever change in the future. The terms of any prenuptial agreement are best decided from a place of caring and discussing mutual concerns, rather than from a place of animosity, should you ever find yourselves in conflict or disagreement later.

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You may have notions of prenuptials being only for old rich guys making sure wife number three doesn’t get any of his millions if things don’t work out. Those are NOT the agreements we are fostering here, and we don’t condone anyone entering a marriage built on trying to hide assets from their partner. We do support open dialogue and understanding. Moreso, we understand that certain assets or inheritances may have been intended or explicitly earmarked for specific purposes; perhaps elderly parents, siblings, or children from another relationship. State laws, circumstance, and chance are often not as understanding as you can be now in pre-marital agreements.

 

I’m sure you know someone, or have heard of someone, who was accidentally disinherited from a parent’s remarriage. Family trusts and wills can prevent this scenario, but typically come later in life. A prenuptial agreement and documented premarital financial plan can serve as an “emergency exit plan” until common estate planning documents are created later in your marriage. That said, we still recommend at a minimum having simple wills in place, along with a springing power of attorney and advanced medical directives. Guidance in preparing these minimum recommended documents is included in the cost of our premarital planning services.