Should You Get A Prenup If You Remarry?
When you think of prenuptial agreements, you may think of legal documents for wealthy people who plan to get married. While this is true to some degree, prenups are not reserved just for the rich and famous. People from all walks of life can use them before they get hitched to protect their assets.
When you first got married in your 20s or 30s, you may not have even considered one. Maybe you didn’t have significant assets at the time, so it wasn’t worth it to get one.
Well, now your first marriage has ended and you’re in a long-term relationship. You have kids from the first marriage and have attained many more assets since then. You have a home, a couple cars, a retirement plan, and an inheritance. You may also have stocks and other investments.
Marriage is on your mind. Should you get a prenuptial agreement if you plan to remarry? Most likely, yes. You may be near retirement now and if your second marriage does not last (the divorce rate is over 60%), you don’t want to be left high and dry. You don’t want to have to redo your retirement plan because your spouse took half of your assets in a divorce.
Besides retirement, you likely have other financial concerns. How will you support your spouse through old age? If you both have retired, how will you pay for expenses? If you have children from your first marriage, how will you ensure they receive an inheritance in the event of your death?
A prenuptial agreement can address these concerns and help you create a solid plan for the future. You can include details about paying for expenses, financially supporting yourself, and using your retirement plan during the marriage.
One common issue that couples deal with in subsequent marriage is differentiating separate property from marital property. Separate property refers to property that is brought into the marriage, while marital property is accumulated during the marriage. In some cases, one party may not have significant separate property and if the couple is retired, they may not be able to accumulate enough marital property together. A prenup can address this and change the dynamic.
A prenuptial agreement can also allow for a more peaceful divorce. You can outline who gets what assets and avoid litigation.
However, there are downsides. A prenup may seem like a business transaction, causing the relationship to sour. There needs to be a lot of trust involved to make it work.
Seek Legal Help
While you may not have been concerned about a prenuptial agreement before you first got married, things change. As you get older, you tend to acquire more assets and you want to protect them should you remarry.
Fort Lauderdale divorce lawyer Edward J. Jennings, P.A. can help you draft a prenuptial agreement that meets your needs and protects your assets and interests. Schedule a consultation with our office today by calling 954-764-4330 or filling out the online form.