There are many common misconceptions surrounding prenuptial agreements and who needs them. One such misconception is that prenuptial agreements are only for celebrities or the extremely wealthy. Another such misconception is that prenups are not important for second or third marriages. A third misconception is that older people do not need prenuptial agreements.
In truth, prenuptial agreements may be more important for mature couples who have had previous marriages than for any other group of people. If you fall into this category, there are several reasons to consider a prenuptial agreement.
1. You have children from prior relationships
Perhaps the biggest reason to consider a prenup for a second or third marriage is if either you or your spouse-to-be have children from a previous relationship. A prenuptial agreement allows you to ensure fair treatment for both your existing children and your new spouse if one of you dies or if the marriage ends in divorce.
2. You have accumulated some assets
Older couples tend to have accumulated more assets than couples who are just starting out in life. You may both own real estate or have other substantial investments. A prenup allows you to specify how to treat these assets during the marriage.
3. You understand that marriages sometimes end
You and your prospective spouse have likely learned a few lessons from past relationships. A prenuptial agreement is a good way to put those life lessons to good use and ensure that you are both protected if things do not go as planned.
Mature, experienced couples bring a lot to the table in second or subsequent marriages. Prenuptial agreements are a smart way to apply your acquired wisdom and protect yourself and your loved ones