Law Articles

Why Getting a Prenup for a Second Marriage is a Great Idea

By December 12, 2020 January 18th, 2021 No Comments

Prenuptial agreements don’t have the same reputation they once had. Instead of viewing a prenup as a pessimistic statement of your marriage’s eventual failure, many marrying couples are seeing these documents as ways of keeping the future bright, no matter what lies ahead. While first-time spouses are gradually exploring the benefits of prenuptial agreements, these protections can be even more valuable to those who are entering a second or third marriage. If you are planning on getting remarried in the near future, it’s worth taking some time to understand the benefits of drafting and signing a prenuptial agreement before you walk down the aisle.

Safeguarding Your Assets

Chances are that if you’re preparing for a second marriage, you’ve had a bit more time to accumulate financial assets, such as a retirement fund, a home, savings from your career, or other sources of income. If your partner is also remarrying, then there could be even more asset value to consider. However, should your marriage end in divorce, you are putting these assets at risk by not taking the time to protect them before your marriage becomes official. A properly written prenuptial agreement could outline which of these assets are open to joint use and which would remain separate. The agreement then can outline how you and your soon-to-be spouse can develop a clear plan for how you’ll financially support each other, especially if one spouse is retired or unable/unwilling to produce income. Discussing and documenting your individual and shared financial goals before you remarry is an excellent opportunity to build trust, honesty, and communication about each other’s values.

Addressing Your Concerns

People who make the decision to remarry often approach their second union from a more practical angle, as they have already been through a divorce and understand the importance of putting protections in place long before issues arise. Remarrying individuals typically have more specific concerns than those who are marrying for the first time. For instance, they may wonder how they will support each other through retirement and beyond, or how their financial assets will be shared among their new spouse and their children from a previous marriage. Your circumstances may be a bit more complex than those of a young adult who is walking into marriage with few assets, so it’s important to take the time to fully explore your options for protecting your assets and keeping your future and legacy properly safeguarded.

Exploring Your Options

If you are about to enter a second or third marriage, it’s best to take some time to discuss your goals and concerns with a knowledgeable divorce and family law attorney who can help you understand all of the options available to you. Prenuptial agreements often lead those who haven’t to create estate plans to ensure their assets reflect the opportunities and challenges within a new marriage. Planning these details ahead of time provides simple peace of mind for both parties.

 

The experienced divorce and family law attorneys at Garretson & Holcomb, LLC, are here to help you organize practical and beneficial prenuptial agreements for your specific situation. No matter what your needs, we are ready to provide you with practical and effective solutions to keep your future bright. Call our West Chester office today at (513) 863-6600 to learn more.