A prenuptial agreement can help you and your future spouse decide how you will support yourselves financially throughout your marriage, whether your assets will be considered separate property or marital property during the marriage, and what will happen if your marriage ever ends in divorce. A second marriage does face a greater risk factor for divorce than first marriages, with 67% resulting in divorce. So, it’s important to take the necessary steps to plan for every scenario possible. If you’re remarrying, chances are that you have acquired more assets since your first marriage, making a prenup all the more relevant.
For example, a prenup can help you and your future spouse organize how household expenses will be shared. Will they be paid in proportion to your respective incomes? Will they be split equally down the middle? What about if one or both of you has children from another relationship? Will either of you support those children financially when they are in college and/or beyond? These are important conversations to have no matter what, and a prenuptial agreement can help facilitate these discussions and set the precedent for a marriage with plenty of open discussions.
What about if you or your future spouse is closing in on retirement? Well, you must consider estate planning. Do you want to leave their money to your children or provide financially for a new spouse? Both? To remedy any concerns of estate plans post-marriage, a prenup can specify that an estate plan must be put into place after the couple marries, or can specify what terms will occur upon death of one of the parties. A provision like this will allow both parties’ families to feel at ease.
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