Why prenups are crucial for previously married couples

When you married the first time, you were young and had few assets, so a prenup may not have been a consideration.

Now that you are older and preparing to marry for the second time, you may feel that the reasons to have a prenuptial agreement are a great deal more important.

Addressing the needs of the new spouse

Your first considerations when drafting a prenuptial agreement will be for the needs of your new spouse. If you both are in your middle years, you must plan in terms of retirement and beyond.

Providing for children

The most important part of the prenup for many couples is providing for children of the first marriage. You can establish an estate plan to address this matter. For example, you might stipulate that when you die, your assets are to be available for the lifetime of your surviving spouse. When your spouse dies, the remaining assets will go to the children of your first marriage.

Accounting for support and retirement assets

A prenup for a second marriage should contain specific details. Are you both retired? How will you and your soon-to-be spouse support yourselves? How will you divide household expenses? Your attorney can assist with a plan to use your resources such as withdrawing funds from your retirement accounts.

Ensuring a respectful divorce process

Trust and mutual consideration are extremely important in second marriages. To this end, your prenuptial agreement should account for the possibility of divorce. You can choose an option other than litigation, such as mediation or collaborative divorce. Just as you wish to live harmoniously in your second marriage, you will want a peaceful process if the marriage should end in divorce.

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