Create a prenuptial agreement if you intend to marry again

People who marry again later in life face issues they did not have to confront in their younger years.

In the state of Pennsylvania, a prenuptial agreement can address matters associated with accumulated wealth, separate versus marital property,  provisions for children of a previous marriage and more.

Managing more assets

Circumstances change with the years. When people marry in their 20s or 30s, they have much less in the way of assets than they do later in life. A prenuptial agreement for those who marry again in their 50s or later can provide instruction concerning the disposition of significant assets such as real property, retirement funds, investments and business ownership.

Balancing needs

Both parties may want to provide for children from a previous marriage. In a prenup, they can spell out their wishes in this regard; for example, how they will provide for their children financially during their lifetime. They can then designate which assets they want to leave to the children if the new marriage is still in effect when one of the parties dies. The prenup can also address financial support for the new spouse through retirement and old age and which assets he or she will receive if the other spouse dies. The prenup can direct the establishment of an estate plan so that in case of death, a surviving spouse and the children of the deceased can receive their appointed shares of the estate.

Allowing for divorce

The prenuptial agreement can also specify the kind of divorce procedure that is acceptable if the marriage should fail. The prenup can ensure that the couple avoids the expense and bitterness of litigation in favor of a more respectful and economical process such as mediation or collaborative divorce.

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