397: Prenups and Postnups: Marital Finance 101

No one getting married thinks that they will ever get divorced. I can tell you that from personal experience. Yet over half of American marriages end up in divorce. I was lucky in that I had an amicable break-up. Most of the divorces I've seen in the past few years have been ugly. I have two friends finally get through divorces in the last two years. In both situations, the men originally offered what they thought were fair settlements that their wives rejected. In both cases, the divorces lasted for years costing hundreds of thousands of dollars. And, in both cases, the wives ended up with LESS than originally offered. But it wasn't just the ex-wives who lost out. No one wins in an ugly divorce. The kids suffer and there is a huge emotional and financial toll to pay for both sides. The only winner is the divorce attorney. Knowing this should be enough to convince anyone to have a prenup in place before getting married or even get a postnup in place after the fact. But it's not that easy. How do you even bring up a prenuptial agreement when you are in love with someone and planning a life together? My guest on Wealth Formula Podcast specializes in this area of the law and has experience at the highest level of prenuptial complexity with celebrities, athletes and ultra high net worth individuals. The issues, whether they are emotional or financial, are often the same and he has great perspective on how to approach these sensitive issues. So, whether you're married, divorced or just curious, make sure to tune in and learn the basics on prenups and postnups. LISTEN HERE.