Actor James Brolin recently discussed the secret to his 20 year (and still going strong) marriage to Barbra Streisand, “separate bank accounts” .
According to the dismal statistical world, approximately 50% of first marriages, 67% of second marriages and 73% of third marriages end in divorce. Mr. Brolin may be on to something in describing the key to the success of his third marriage. Financial obligations from previous relationships including: alimony; child support; college tuition and expenses for children from another relationship top the list of contributing factors in the breakdown of 2nd and 3rd marriages.
Prenuptial Agreements are becoming more and more popular especially among people entering into a 2nd or 3rd marriage. The idea that the signing of a prenuptial agreement kills the trust in a relationship is becoming less common and in fact provides each partner in the relationship with the confidence and security of knowing that the life they will be sharing is not based on the financial means of either party.
Discussing financial expectations and obligations with your partner prior to marriage may not be the romantic foreplay to a romantic date night that you had in mind, but consider it foreplay to a successful marriage.
Grossman & Associates, Ltd.