While reliable data on divorce rates is hard to come by, everyone who has been through a divorce can confirm that it’s devastating—emotionally and financially.
Discussing a prenuptial agreement with the love of your life is not easy, which is why so few people have them. It’s difficult to say, “I love you, but let’s talk about what happens if it doesn’t work out.”
Nevertheless, it can be a matter of pay now or pay later. If you want to protect your home and your assets in the event of a divorce, personal finance expert Dan Solin offers some basic guidelines for couples considering a prenup:
- Be honest about your assets.
- Seek professional help from an attorney.
- Make sure the document is fair for both parties.
- Don't sabotage your prenup with inconsistencies.
- Don't lose the document.
To read all of Dan's advice, including what a prenup can mean for your home and life insurance, check out his full blog at http://retirement.equifax.com/2010/12/pay-now-or-pay-later-why-you-need.html.
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investor