Have you found someone that you want to spend your life with? If you have been able to do this after ending a marriage, count yourself lucky. However, remarriage presents its own host of issues. Many of these issues ought to be addressed before entering the marriage to avoid running into problems in the future.
Unlike couples that are getting married for the first time, couples that are remarrying come with baggage from their previous marriages. These may be in the form of children, assets and other factors. It is important for the couple to address these issues prior to marriage.
Many people view prenuptial agreements in a negative light. The stigma attached to these documents is largely because of their negative representation in movies and television. However, these documents can be of great benefit, especially in situations where couples are getting married after ending a previous marriage.
Benefits of prenuptial agreements when remarrying
A prenuptial agreement is a legally binding agreement between future spouses. This agreement lays out guidelines on how issues such as finances and marital property will be handled during the marriage as well as in the event of the couple choosing to end their marriage.
Prenuptial agreements are especially beneficial to:
Determine management of premarital assets
Many couples that are remarrying have already accumulated some assets. A prenuptial agreement will help to provide guidance on how assets acquired before your current relationship ought to be divided if you were to separate.
Agree on the management of finances
Prenuptial agreements are especially important to help couples have an open and honest conversation about their finances. For example, if both spouses have children from their previous marriages, couples can outline how they will pay for child support or other expenses related to their children. This will help to prevent misunderstandings that can lead to resentment later in the marriage.
Determine what assets ought to be considered as marital assets
It is important for the couple to determine what assets they should consider as marital assets and which ones should be considered personal. A prenuptial agreement helps the couple to make this clear and therefore avoid disagreements.
Outline how to manage assets upon the death of either spouse
A prenuptial agreement will help to outline how you want assets to be managed in the event of your death. Having a prenuptial agreement can help to prevent your spouse from going against your estate plan. It is a great way to ensure you protect the interests of children from a previous marriage or assets you want to remain in your family such as family heirlooms.
You own a business or part of a business
If your marriage ends, your spouse could end up owning part of your business. If you want to protect your business, you should outline how assets should be divided. Your prenuptial agreement will give you the opportunity to define the parameters on business liability, operation and asset allocation during the marriage and in the event that it should come to an end.
If you’re considering remarriage, be sure to consider having a prenuptial agreement too. A family law attorney can help you draft a prenuptial agreement to protect your interests.