How to Teach Children About Money in 7 Easy Steps

  Money can be a touchy subject for kids and parents alike, but it's also a topic that needs to be discussed. We want our children to understand the value of money and how it works, but it can be tricky to discuss these concepts without sounding preachy. As a parent myself, I've found that making learning about money fun is one way to get my child interested in the topic without worrying about them feeling like we're pushing an agenda or being lectured at. Here are some fun ways that you can teach your child about money : Let kids invent their own games or create their own money. Let kids invent their own games or create their own money. This works especially well with older children who already have a grasp on financial concepts like spending, saving, budgeting and investing. Let them create their own games using whatever they want as currency — anything from marbles to candy to paper clips could work! If they want to make up actual rules for using this new currency (f

4 Basic Essentials of a Prenuptial Agreement

prenuptial agreement

A prenuptial agreement, usually abbreviated as prenup is a written contract created by two people prior to marriage. The agreement can vary, but typically made to protect the assets of both parties in the event of breakup of marriage or divorce.

Premarital agreement is not only for the rich and famous. Nowadays, it is becoming a norm, a modest means used to specify and protect what each person's property rights as well as any debts will be after the marriage.

Here are the basic essentials of Prenuptial agreement:

Make a Valid Prenup

Each state has its own laws regarding the enforcement and validity of prenuptial agreements. So, if you do not want your private agreement to be thrown out down the road, the first move is to get your own counsel. If you are living in Southern Minnesota you can seek the advice of the family law attorney in Mankato, MN. It is highly recommended for both parties to be represented by independent lawyers to successfully carry out a valid contract.

Fairness and entered into voluntarily 

Both parties should voluntarily agree with the contract. Therefore, make sure not to draft a one-sided agreement. 

The agreement has to be fair; both parties should discuss the terms and conditions they want to be enforced with their lawyers. Thus, making a prenup agreement should be made months ahead before marriage and must not be rushed.

Agreement should be in writing and must be signed in the presence of witnesses.

Full disclosure

In general, full disclosures of assets and liabilities of both parties are required. 

Clarify financial rights and responsibilities during marriage with or without children.

Set the terms

Prenups may address other issues as well. It can be customized depending on the terms set by both parties.

It can be used to protect couples from each other’s debts.

Couples can set an agreement on the assets earned during the marriage. These are considered marital property which can be subject to division.

The right to alimony can also be discussed in the agreement whether either party could go after the other for alimony or should it be waived in case of divorce.

Each prenuptial agreement is tailored to the couples terms and assets they agreed to, however, it cannot limit child support. The courts do not let couples bargain away the rights of their children.


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