If you are preparing to enter your second marriage, there may be valid reasons to consider getting a prenuptial agreement, even if you did not get a prenup before your first marriage. Some people are able to get away without a prenup when they are young, have no children and have few assets to worry about. However, your life has probably changed over the years.
Now, you may own a house, a business and a retirement account, among other assets. You may also have children from your previous marriage. Changes like these can mean that the potential consequences may be severe if your second marriage does not last. It may be uncomfortable to think about divorce when you are enjoying a new romance, but addressing your concerns with your future spouse can help strengthen your relationship before the big day.
What can a prenup do?
Although discussing a prenup may not seem romantic, this agreement can help you and your future spouse address difficult concerns before they become bigger problems. It may help each of you protect your individual assets, but it may also help unite you behind common goals. It can even help you protect each other from making future decisions out of anger.
With a prenup, you can:
- Determine how you will financially support yourselves during the marriage
- Plan how you will withdraw retirement assets
- Divide responsibility for household expenses
- Decide how certain assets will be divided if you end up divorcing
- Specify estate planning goals that must be met after the marriage
- Clarify how you each plan to financially support your children during your lifetime
- Detail the legal process that must be used if it becomes necessary to end the marriage
A prenuptial agreement can provide benefits to almost anyone entering a marriage. However, a prenup may be even more valuable for your second marriage than your first.
