Second Time Around: What About a Prenuptial Agreement?
In a marriage without a prenuptial agreement, the assets and liabilities of divorcing couples are split equitably. If you’re considering a second marriage, you should consider a prenuptial agreement to protect your financial well-being.
While the divorce rate is high for first-time couples, it’s even higher for those who marry a second or third time. When you marry for the second time, you may already have children or have received an inheritance or expect one. Creating a prenuptial agreement the second time around gives you a chance to define what is yours and safeguard your wishes for the estate you have built. Think about the following:
- Be sure both parties to a second marriage understand the need for financial stability during and after marriage. Instead of presenting your future spouse with an agreement to sign, consider using mediation to develop your prenuptial agreement that ensures both parties have equal say — and equal power — to protect assets and make fair agreements. The experience will give you insight into the financial habits of your intended and put both parties on the same page moving forward.
- Make sure your agreement is strictly and specifically worded to protect assets you intend to bequeath to your children and others. Hold separate all property and assets you do not want to see split if the marriage does.
- Discuss and define the present debt of both parties and how that will be managed.
Good agreements create stable financial ground, especially if created amicably between partners. Our family law attorneys at Bryan L. Salamone and Associates, P.C. can help.