Many people overlook the protection a prenuptial agreement could provide because they view this document as unromantic. If you were previously married, you may not have signed a prenup, and if you are preparing to enter your second marriage, you may consider skipping the prenup again. However, not having a prenup can carry much more risk in a second marriage than in a first marriage.
Before your first marriage, you probably owned few assets and had no children. However, you have probably accumulated valuable assets over the years and you may now have children from your first marriage. You may not want to consider the possibility of divorce, but the consequences could be severe if your second marriage does not work out.
What can a prenup do?
With a prenup, you and your future spouse can:
- Decide how you will support yourselves during your marriage
- Plan how you both will withdraw retirement assets
- Determine how household expenses will be divided
- List how property will be divided if divorce is necessary
- Name the process you and your spouse would use to end the marriage, if necessary
- Specify what type of estate plan should be created after marriage
- Detail how you each might help your children financially during your lifetime
Talking about important matters before your upcoming marriage can help strengthen your relationship with your future spouse and unite you behind common goals. However, putting the conclusions of that conversation into a legal document can prevent either of you from making future decisions out of anger. With a legally valid prenup, you can be sure that you and your future spouse are each protected if things do not work out.
Prenups can be valuable for almost any couple. However, it may be an especially important protection for those entering a second marriage.