Financial Planning Before Marriage: Why November Is the Perfect Time to Talk Prenups

As the holiday season approaches, it’s easy to get wrapped up in the excitement and celebrations that come with it.  November also offers a unique opportunity for engaged couples to focus on financial planning before the hustle of the holidays takes over. For couples planning a wedding, now is an ideal time to have meaningful conversations about finances—and to discuss whether a prenuptial agreement might be right for them.

What is a prenuptial agreement?

A prenuptial agreement (or “prenup”) is not just a financial safeguard; it’s a tool to establish open communication and trust. Talking about a prenuptial agreement encourages both partners to openly discuss their assets, debts, and financial expectations before marriage. This transparency can help prevent future misunderstandings and establish a foundation of honesty.

A well-structured prenuptial agreement can cover a range of essential elements, helping each partner gain clarity on financial and personal matters that may arise in marriage. Here are some of the key topics a prenuptial agreement can address:

• Assets and Property Ownership: A prenup outlines which assets are considered individual versus shared property. This is especially helpful for couples who bring significant assets, such as real estate or investments, into the marriage. Defining clear ownership prevents potential disputes down the line.
• Debt Responsibilities: If either partner is entering the marriage with debt—whether from student loans, credit cards, or mortgages—the prenuptial agreement can specify who will be responsible for these debts during the marriage. This can relieve one partner from the burden of debt that wasn’t theirs to begin with.
• Financial Contributions and Support: For couples who want to establish guidelines around financial contributions, the prenup can outline each partner’s financial responsibilities, such as household expenses, savings goals, or retirement contributions. Additionally, if one partner is sacrificing career growth for family or household responsibilities, the prenuptial agreement can define potential spousal support in the event of a divorce.
• Business Interests: For those who own businesses, a prenuptial agreement can protect the interests of the business and ensure that it remains under the original owner’s control. This can be particularly important if there are partners or shareholders who rely on a consistent ownership structure.
• Inheritance and Family Property: If there are family assets, such as heirlooms or properties, that one partner wants to keep within their family, a prenuptial agreement can specify these items as separate property. This can safeguard family legacies and clarify that certain assets will not be part of marital property, even if money that would traditionally be considered “marital” is contributed to these separate assets.
• Handling of Future Income and Investments: A prenup can outline how income earned and investments acquired during the marriage will be divided if the couple separates. This allows both parties to set expectations on how their combined or individual earnings will be managed and divided.

Click here to read more about prenuptial (and postnuptial) agreements for the state of Illinois.

Why November?

Bringing up a prenuptial agreement with your partner can feel like a delicate topic, but timing can make all the difference. November offers the perfect opportunity to start this important conversation. Taking the time now to discuss financial expectations and goals can set the stage for a marriage built on trust and mutual understanding. Here are some key reasons why November is an ideal month to approach prenuptial discussions.

1. A Calm Before the Holiday Rush

December often brings a whirlwind of gatherings, travel, and social obligations, making it difficult to find uninterrupted time for important discussions. November, on the other hand, tends to be a quieter month, allowing couples to reflect on their goals and engage in meaningful conversations about their future. With fewer distractions, you and your partner can thoughtfully consider your financial situation, expectations, and long-term plans.

2. Setting Clear Expectations

A prenuptial agreement is not just a financial safeguard; it’s a tool to establish open communication and trust. Talking about a prenuptial agreement encourages both partners to openly discuss their assets, debts, and financial expectations before marriage. This transparency can help prevent future misunderstandings and establish a foundation of honesty.

By starting this conversation in November, you’ll have time to carefully outline your financial expectations and goals without the stress of last-minute holiday planning.

3. A Fresh Start for the New Year

Many people view January as a time for fresh starts and resolutions. If you’ve already discussed a prenuptial agreement by November, the new year can serve as a starting point for your financial plans as a couple. With a prenup in place, you’ll enter the new year with clarity and a sense of unity, having already addressed one of the biggest potential stressors in marriage: finances.

4. Taking Advantage of a Slower Legal Season

If you’re planning to marry in early 2025, it’s wise to give yourself and your partner plenty of time to prepare a prenuptial agreement. Since many legal offices have reduced hours and attorneys may take time off during the holiday season, starting the process in November allows you to complete it without feeling rushed. Engaging with an attorney early ensures that you and your partner have enough time to thoroughly review and discuss the terms, making the experience smoother and less stressful.

5. Making It a Positive Experience

While some couples might feel uncomfortable bringing up the idea of a prenuptial agreement, November provides the opportunity to approach the topic positively. Frame the conversation as part of your shared commitment to transparency and responsible planning. Emphasize that discussing a prenuptial agreement is about protecting both partners and ensuring fairness.

Tips for Starting the Prenuptial Agreement Conversation in November

• Choose a Quiet, Relaxed Setting: Find a comfortable, private time to discuss finances without interruptions.
• Focus on Mutual Goals: Talk about what both of you hope to achieve financially, both as individuals and as a couple.
• Seek Professional Guidance Together: Consulting with an attorney specializing in family law can provide clarity on how a prenuptial agreement can benefit you both.

Ready to Start the Conversation?

At O. Long Law, LLC we understand that discussing finances and prenuptial agreements is a significant step for any couple. We’re here to provide compassionate, expert guidance to ensure that your prenuptial agreement is fair, thorough, and tailored to meet your unique needs. Contact us today to schedule a consultation and take the first step toward financial peace of mind in your future together.

November might just be the perfect month to start your journey toward a well-planned, secure, and loving marriage.