While it is certainly the case that I have female clients who earn more than their husbands, it is much more common, especially in a second marriage that the husband is the larger breadwinner. This reality is impacted by the fact that often the second wife is younger than her husband and therefore she didn’t have as a long an earnings history as her husband.
Especially for second (and subsequent) marriages, there are
many reasons why the older, more established and financially secure spouse
(husband) would want a prenuptial agreement. As the relationship deepens and
the discussion of marriage ensues, broaching the subject of a prenuptial is
front and center on the top wage earner’s mind. After all, his friends,
relatives, and counsel all have his ear. Regardless how secure he feels in the
relationship, there are still these voices in his head that come from these
external sources which may make him question how much her interest in marrying
him is related to financial security.
Instead of waiting for him to initiate the conversation, I
suggest that it is in the best interest of the wife to suggest the prenuptial
agreement before he does. After all, it is likely the million-pound gorilla
underlying the wedding plans. I admit that there is some reverse psychology
behind this suggestion. However, it could put the wife in the driver’s seat. He
may be astounded that this was her idea which could make him agree to a whole
lot more in the agreement than he would otherwise. If there is going to be a prenuptial in any
case, it is best to position oneself in the most opportune negotiating stance.
Incorporating psychology and outside the box thinking are
what I most enjoy about my marital and divorce financial planning practice.
Divorce financial planning is a fee-only
process that does not involve investment advice or securities transactions. All
information provided herein is financial and educational in nature and should
not be relied upon as legal or tax advice.
You should consult with your tax advisor or attorney regarding specific
tax issues.
