Lucky Seven Family

Tag Archives: Finances

Tuesday Tips #17 – Pre-Nups

I’ve had several friends ask my opinion on pre-nuptial agreements recently.  Given we just got married last year, this is a timely question.  I believe pre-nuptial agreements are important for several reasons:

  • ~50% of marriages end up in divorce AND that percentage is higher for 2nd marriages (or 3rd or 4th!!)
  • financial protection for both partners is important (although admittedly, a difficult subject to broach – do not mix emotion and finances!!!)
  • protecting your children – especially for those of you with children yet to head off to college, this is critical to provide them with the means to do so.  In blended families, each spouse must always consider that protecting their own children is a critical responsibility.

So, before you say “I do”, get your finances in order and have an honest discussion about the importance of pre-nuptial agreements.   Think of the pre-nuptial agreement as a positive step in your relationship building and as a positive decision for your children.  Hopefully, you will never need it!

Taxes!

What tax tips do blended families have?  I’ve just learned that certain ways of filing affect taking child care costs deductions (or not!).