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If you are unsure about your significant other’s financial status and you're looking to join together in sickness and in health, Kevin O’Leary suggests you get a prenuptial agreement.
“One-hundred percent of the time you should get them whether you have capital or not,” said Kevin O’Leary, Chairman, O’Leary Financial Group. “It forces you to tell the truth about your financial past.”
After the euphoric period of a relationship where you’re just starting to fall in love, the financial reality sets in according to Kevin. And it’s safer to be aware.
“Do they come from a family that’s come from bankruptcy? Is their brother a gambler, or are they a gambler? Were they ever personally bankrupt? Do they owe somebody a lot of money?” said O’Leary.
“What’s great about a prenup is that it flushes all that out; it forces that to the table.”
Prenups are very inexpensive, but they will save you loads of grief, says O’Leary.
“Let’s say you fell in love with somebody in that euphoric period, would you like to know that they’re a million dollars in debt?” said O’Leary.
“It’ll save you hundreds of thousands of depression and grief and it may save your marriage to find out.”Ask O'Leary returns next week with three new episodes. Submit your question for Kevin by emailing email@example.com and tune into BNN on June 9th, 10th and 11th at 3pm Eastern.