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Prenuptial Agreements

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

By February 19, 2020April 22nd, 2021No Comments

Within the last few decades, societal attitudes towards prenuptial agreements have slowly warmed. 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

By the time you are ready to remarry, 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. When you enter into your new marriage, you and your partner are likely bringing more substantial assets to the table. However, should your marriage end in divorce, you are putting these assets at risk by not taking the time to protect them ahead of time. By drafting a prenuptial agreement, you and your soon-to-be spouse can develop a clear plan for how you will support yourselves during the marriage, especially if only one spouse is retired. Discussing and documenting your individual and shared financial goals before you remarry can make you feel confident that you will both enjoy bright futures together or apart, come what may.

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. As you learn about the benefits of a prenuptial agreement, you can also discuss how to create and manage your estate plan to ensure that your assets are distributed according to your wishes. An attorney can advise you and your new spouse on how to plan for retirement, especially if one spouse has significantly more retirement benefits. By creating specific language in the prenup to address these issues, you can feel confident that, whether your marriage lasts or you eventually decide to go your separate ways, you will enjoy a stable and comfortable future.

The experienced divorce and family law attorneys at Garretson & Holcomb, LLC, are here to discuss the benefits of prenuptial agreements with you. No matter what your specific needs may be, 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.