If you are entering a second marriage, you may want to seriously consider a prenuptial agreement. Many people who are re-marrying have substantial assets, likely own a home, have saved for retirement, may own a business, and oftentimes have children. There is usually more at stake financially in a second marriage. If you have children, there is also much more responsibility.
In a second marriage, questions may arise that you never thought of in your first marriage, relating to assets acquired before this marriage, expenses associated with those pre-marital assets, and how you or your future spouse will support your children prior relationships. When one party has substantially more assets than the other, or one party has children and the other does not, the stakes can feel even higher.
How a Prenup can Help
A prenuptial agreement can help you and your future spouse decide how you will support yourselves financially throughout your marriage, how your assets will be considered (separate property or marital property?) during the marriage and what will happen if your marriage ever ends in divorce.
For example, a prenup can help you and your spouse organize how household expenses will be split. Will they be split in proportion to your respective incomes, or will they be split equally? What about if one or both of you has children from another relationship? Will either of you support those children financially when they are in college, or beyond? These are important conversations to have no matter what, and a prenuptial agreement can help facilitate these discussions.
What about if you or your future spouse is closing in on retirement? Well, you must consider estate planning. Do you want to leave their money to your children, or provide financially for a new spouse? Or both? To remedy any concerns of estate plans post-marriage, a prenup can specify that an estate plan must be put into place after the couple marries, or can specify what terms will occur upon death of one of the parties. A provision like this will allow both parties’ families to feel at ease.
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