Remarrying? Why you should consider a prenuptial agreement
Although divorce is difficult, many divorcees do go on to find loving, committed relationships with someone new. If you are remarrying after divorce, however, you know that marriage is more than just an emotional and romantic commitment. It affects every aspect of your life, including your housing, your children and your financial future.
Although you never plan for your marriage to end in divorce, protecting your finances just in case can ease the burden. In fact, there are several reasons to consider a prenuptial agreement when you are remarrying.
Protecting the property you bring into the marriage
People who are marrying for the second, or maybe third, time are often a bit older and have accumulated more assets than those marrying for the first time. You likely have built up assets before entering the marriage and would like to take them with you if you divorce. This is especially true if you and your new spouse have a significant difference in your personal estates.
Protecting business interests
If you own a business or have a significant interest in a business, you must consider whether you want to keep that business completely separate from your marital assets. A prenup can also address what might happen to your business in the event of your death or disability.
Protecting your legacy for your children
If you have children from a prior relationship, you probably want to secure their inheritance. This will not happen automatically. Without a clear prenup, along with an updated estate plan, California statutes may end up disbursing some of that money to your new spouse in the case of divorce or your death. Your prenup can articulate your plans to provide for any children brought into the marriage.
Preventing misunderstandings before they happen
One great benefit of creating a prenuptial agreement together before your marriage is that it allows you to discuss all the finer points of money management and financial planning for your new life together. Discussing these issues now will put you on the same page, so to speak, and prevent arguments and misunderstandings in the future.
If you have already married, it is not too late. You can create a postnuptial agreement that works much the same as a prenuptial agreement. Because California courts will reject an agreement that fails to meet statutory requirements, you should always work with an experienced attorney to draft your document.