Why You Might Want to Consider a Prenuptial Agreement if You’re Getting Remarried
Everyone deserves to find love and be happy! If you are lucky enough to find the love of your life after previously being divorced, you should be open to getting remarried but you might be more cognizant of protecting your assets and your future.
Maybe you didn’t have or consider a prenup agreement the first time around and your marriage ended; was it a smooth divorce or was there conflict over assets and finances?
Consider a Prenup Agreement as Your “Just in Case Insurance Policy”
When people get married, they obviously want and envision a happily ever after, but it does not always work out that way. Some fairy tales end in a long-winded, expensive court battle. This can be avoided with a prenuptial agreement. A prenup agreement is like an “insurance policy” it's a just-in-case if things don’t go as planned.
What is a Prenuptial Agreement?
A prenup is an agreement between two people who are getting married that defines what property is marital and what property is considered premarital, or off-limits, in the event of a breakup. A prenuptial agreement is similar to a partnership agreement when two people decide to go into business together. The prenuptial agreement can also protect the assets of both parties from property settlement claims from the other person if they end up divorcing.
Reasons to Consider a Prenuptial Agreement
The advantage of having a prenup agreement is that there is a clear course of action regarding how property, assets, debts, and even pets will be handled if the marriage were to end.
It is also a good idea to consider a prenup if one spouse makes a lot more money than the other, or it is anticipated there may be a future inheritance that you want to protect.
Statistics have shown that the divorce rate for second and third marriages is around 60% to 70% versus 45% to 50% for first-time married couples (source: United States Census Bureau); therefore, a prenuptial agreement may not be a bad idea.
Even if you're not sure if a prenup is right for your relationship it is important to sit down prior to marriage and discuss finances and how matters will be handled during the marriage, as well as consideration in the event the marriage were to end. It is critical to have a clear understanding of what the expectations are of each spouse.
Another advantage of having a prenup agreement is that it can give each person in the relationship a sense of security before “tying the knot.”
A prenup may also be a good idea if there is a huge age gap between each partner. If one partner is a lot older, the younger partner needs to consider what will happen to them and their well-being if their partner were to pass away and how they would be taken care of. That consideration is true even if the couple decides not to enter into a prenuptial agreement.
One Important Consideration
The subject of having a prenup agreement must be discussed between both parties and they both must agree to sign a prenup; otherwise, there can be tension in the relationship.
Consider a Prenup Agreement if You Are Getting Remarried
Contact Sabra Law Group to learn if a prenup agreement is right for your remarriage. Call today at (646) 472-7971.