If you are preparing for your second marriage, you may feel like you know exactly what you want. For many people, what they want does not include a prenuptial agreement, especially if they got by just fine without it the first time around. However, a prenup may offer more benefits than you realize, especially if this is your second marriage.
A prenuptial agreement is a legal document that details how a couple will use their assets during their marriage and how those assets will be distributed if the marriage ends. Initially, this may sound unromantic, but it can be the best way for a couple to protect each other’s interests. It can also be a good opportunity for a couple to make sure they are on the same page before the wedding, which can help prevent future conflicts from arising out of a misunderstanding.
While a prenuptial agreement can be beneficial in a variety of situations, it can be especially beneficial when one or both partners has been married before or has children from a previous relationship. This is because those entering a second marriage usually have different concerns than they had before going into their first marriage.
Some concerns that a prenup can address, include:
- How will household expenses be paid for during the marriage?
- How will retirement assets be used during the marriage?
- Will assets be left to children from a previous marriage if their parent dies before their stepparent dies?
- What estate plan will be put in place after the couple marries?
- How will children be provided for during the marriage?
- What happens to financial assets if the marriage ends in divorce?
- What divorce process will be used if divorce becomes necessary?
A prenuptial agreement cannot protect you and your future spouse from ever having an argument, and it may not be necessary or appropriate in every situation. However, it can help unify you and your spouse behind common goals and a common vision of your future, while helping to ensure that both of you will be protected if things don’t work out.