On a recent episode of the podcast “Women & Money,” listener PBS asked Suze Orman a question that many people face later in life. So should you consider entering into a prenuptial agreement before marrying your partner?
PBS is a single mother with two adult children, ages 24 and 18, who lives with her partner. She earns more than $12,000 a month and has assets totaling about $3 million, including her home, retirement savings, and rental properties. But her partner earns about $3,900 a month, creating a significant income disparity that causes her to think more deeply about the financial implications of marriage.
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Orman didn’t hold back. “I plan to continue living with him,” she said. “I don’t know if I want to marry him or not. There’s no benefit to you marrying him at all.”
Orman pointed out that PBS can still protect a partner if they die even if they are not married. Tools like trusts, death accounts and naming yourself a beneficiary of your assets are all options that can help secure your future without the complex legal process that comes with marriage, Orman said.
Delving deeper into the intricacies of prenuptial agreements, Orman explains that prenuptial agreements can be troublesome because legal representation is needed for both parties to ensure that prenuptial agreements succeed in court. said.
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But her advice wasn’t just based on finances. Orman felt there might be more to the listener’s question. “The real problem is that you’re hesitant, you wouldn’t have written to us otherwise, and you’re nervous about marrying him,” Orman said. She advised PBS to avoid marriage altogether if you feel anxious or anxious about your financial future.
Orman’s wife and co-host KT chimed in with a perspective that added further depth to the conversation. She speculated that PBS’s adult children might be more nervous about their mother’s situation than PBS herself. “They see the writing on the wall,” KT said, perhaps referring to concerns about how their mothers’ financial decisions will affect their inheritance and future financial security.
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Orman’s advice touches on an important issue for older adults considering marriage: protecting their assets. If there is a large financial disparity between the partners, tensions can arise due to concerns about how wealth will be distributed. This is especially true if adult children are involved, as they may be worried about the future of their inheritance.
In the end, Orman’s message was to take your time and not rush into marriage if you have any doubts. There are many ways to secure a partner’s future without the potential pitfalls of marriage, whether through trusts, beneficiary designations, or simply maintaining separate financial lives.
With more people remarrying or entering long-term relationships later in life, it’s important to consider financial and emotional factors before making important decisions.
For those considering marriage in the future, it may be worth discussing financial protection strategies with a financial advisor before making a final decision.
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