"Popping the prenup question"/ "There are risks to sharing your spouse's debt: expert"

Feb. 18, 2022: I found this in my old physical news articles:

Oct. 22, 2013 "Popping the prenup question": Today I found this article by Vicki Salemi on the Metro news:

When news broke about Kris and Bruce Jenner’s separation last week, Steven Eisman, partner and director of the matrimonial law department at Abrams Fensterman, was surprised they didn’t sign a prenuptial agreement before their 1991 wedding vows.

“They both had a substantial net worth at the time of their marriage — they were both somewhat celebrities,” he says. 

Years later, after clothing lines, endorsement deals and a reality show, their net worth will be an issue as they head to divorce court.

Considering that the Jenners entered their union with children from former marriages, Eisman says prenups aren’t unusual for second marriages because people want to take care of their children.

Kardashian empire aside, Eisman sees more and more couples walking down the aisle at a later age, which means they’re more likely to have assets to protect. 

“They say, ‘I love you forever and ever but in case it doesn’t work, I don’t want to share everything I acquired before we tied the knot.’” 

Sure, it’s his job, but Eisman says it is indeed better to be prepared and realistic.

Kathleen E. Stoner, attorney and co-author of 

“Prenuptial Agreements: How to Write a Fair & Lasting Contract,” 

says the cost of a prenup depends on how complicated it is and who drafts it. 

“High-end premarital agreements involving substantial assets could cost thousands of dollars.

 In contrast, simpler premarital agreements in some parts of the country might run between $500 and $1,000.”

As for bringing up the sensitive topic with your spouse-to-be, she recommends talking early on and suggests that couples sign the contract at least three months before the big day. 

Stoner adds, “A prenup that is signed just days or hours before the wedding could be set aside under some state laws.”

Although it’s oh-so-unromantic to talk about finances and properties, she says any relationship will involve money, 

so the “best thing for people to do is to learn how to have those conversations in a loving way.”

She also says that those conversations have to keep going throughout the relationship — it’s wise to review the prenup every few years to see if it still makes sense. “Some prenups even include a commitment to doing that,” she says.

Stoner says prenups are not for everyone but she believes everyone should consider it and do their research. 

“Make a well-informed decision about [prenups] based upon the individual circumstances and the laws of [the] state.”

By the numbers:

According to the most recent data, in 2011 there were 2,118,000 marriages and 877,000 divorces and annulments in the U.S.

• Average age of a woman to marry for the first time:
2012: 26.6
1987: 23.6
1962: 20.3

• Average age of a man to marry for the first time:
2012: 28.6
1987: 25.8
1962: 22.7

• The divorce rate for 50-plus crowd is going up: In 2011, 15.4 percent were divorced and 2.1 percent separated.

Popping the prenup question - Metro US

Sept. 29, 2023 "There are risks to sharing your spouse's debt: expert": Today I found this article by Zena Salem on BNN Bloomberg:

There are risks to taking on and sharing your spouse’s debt, according to one personal finance expert who suggests there are other, less risky ways for married couples to support each other financially.
 
Scott Terrio, manager of consumer insolvency at Hoyes Michalos Licensed Insolvency Trustees, told BNN Bloomberg that there are 

no benefits to taking any debt from a spouse 

– and banks are the main party that benefit from such scenarios.
 
“Banks are eager to have co-signers and two names,” Terrio said in a Thursday interview.
 
Despite the risk of taking on debts, Terrio explained that there are ways to help a spouse with their debt without taking on full responsibility.
 
“Marrying someone with debt doesn’t mean you take on the debt, 

and divorce doesn’t divorce you from joint debt either,” he said. 
 
For married couples looking for options to manage debt, Terrio suggested 

taking out a joint loan in order to pay, 

which comes with implications and some benefits, 

or working on a voluntary or informal payment plan together.
 
Check out the full video at the top of the article to learn more. 

https://www.bnnbloomberg.ca/there-are-risks-to-sharing-your-spouse-s-debt-expert-1.1978092