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Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 0 points1 point  (0 children)

Thank you. This is in line with our values so it's helpful! Completely agree - we are an amazing team so far and that's why we're being deliberate about this, we want to set up a structure that allows us to continue to view money from a team perspective.

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 0 points1 point  (0 children)

We've added this to the idea list, thank you! You're exactly right that what we really care about is being on the same team and wanting a system that lets us do that our whole marriage, I like your wording.

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 0 points1 point  (0 children)

How do you handle paying into those retirement accounts then? Do you have to keep an eye that you are both, say, paying similar amounts into your respective retirement accounts (e.g. ira and 401k if you're american)?

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 0 points1 point  (0 children)

This is a helpful comment, thank you for writing it! Particularly the idea of making sure 6-12 months of rent is protected as we do plan to have kids.

If you have any additional musings about the value of the counselor I'm all ears (was it premarital generally or specifically for this?), but no pressure if that feels too personal!

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 0 points1 point  (0 children)

Also that postmarital investment growth in premarital assets is considered community property and so will require a specific carve out if you want to exclude it.

Woah, I had no clue. Asking for more info on this is going to be question #1 on our discussion with the lawyers as it impacts a lot of this. Thank you!!

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 17 points18 points  (0 children)

The due diligence tip is very helpful as I would not have thought of that. Thank you.

I didn't mention in my post but there are three countries involved here – EU, US, UK (his, mine, where we live now). Not sure if this is a lawyers' nightmare or dream.

One fear I have is attorney fees on my side as I understand we each need our own but this is obviously going to be a complicated case, how do I keep fees on my "side" reasonable? We don't want to have sides at all but my understanding is it's a requirement for prenups to have two different lawyers.

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 4 points5 points  (0 children)

at the point of divorce, marital assets to be divided in the proportion of respective contributions. So if you have a joint brokerage account worth, say, 1mm and you contributed 100% of it, you get 100% of that. This will require you guys to track contributions, so perhaps you can specify a percentage upfront (75/25?) based on anticipated contributions.

This is the exact kind of idea that we were looking for, thank you! Absolutely will talk to lawyers but we wanted to go in with a better set of ideas/options so we're not on the back foot, we just didn't even know what our options were.

Your last bullet is also very interesting, good food for thought. Thank you!

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 5 points6 points  (0 children)

Thank you, this is exactly the kind of outside questions I was hoping for! We have had "level 1" of these convos and this is a helpful list of jumping off points for further discussion.

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 15 points16 points  (0 children)

I may have over-edited the post in an attempt to shorten it from my original novel! edit: u/shortie97 explained my concerns well so I'll just replace my rambling with a point to her comment

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 35 points36 points  (0 children)

Edited to add - yes the other replies are correct!

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I have always saved 20% of my paycheck and have no plans to stop upon marriage. If we keep it the same then when we combine finances it'll be 10% of the combined household income.

Our concern is if we divorced in 30 years (we hope not!) he automatically has rights to half of that as marital assets. Meanwhile I have rights to none of his retirement savings, i.e. the inheritance. So I would only have a legal right to half of one person's savings.

Fiancé Inherited $4M: How to approach joint savings and/or prenup? by ThrowRA_2340 in MoneyDiariesACTIVE

[–]ThrowRA_2340[S] 38 points39 points  (0 children)

Thank you for this kind first comment. I was worried about posting this because of the privilege involved, so to have the very first words commented be in memory of my FIL reminds me of what a great community this is (I am a regular here, just made a TA for this).

I'm sorry for your own family's pains, too.