Should You Have a Prenup for a Second Marriage?
- Posted on: Aug 30 2021
If you’re preparing to get married for a second time, no matter how your first marriage ended, you may want to seriously consider a prenuptial agreement. Even if you didn’t have a prenup with your first marriage, there are a few reasons why having one for your second may make a lot of sense. Here are a few reasons why you should consider this legal agreement.
One or Both of You Have Children
If you both have children from previous relationships, you may want to ensure that both your children and your spouse’s children inherit what they should. You can lay out plans to create trusts or other estate plans in your prenup so that everyone inherits the correct assets. This prevents any issue in which one spouse inherits all assets when the other dies. You can set up various trusts to provide for both your children and your spouse so that no one is left out.
If you’re planning on having children together, a prenup also helps ensure that all current children share equally in your estate.
Your Assets are Not Equal
While no two people are going to have the exact amount of assets, there is the chance that one spouse will have significantly more assets than the other. If this is the case, a prenup can help ensure that in the event of your marriage ending, you each walk away with the assets you entered with. This can be very helpful if one of you has enough assets to live comfortably in retirement while the other does not. A prenup can outline how the spouse with fewer assets will be protected, which can go a long way to building the trust and comfort a marriage needs.
Is a Prenup Right for Your Second Marriage?
Every person and every relationship is different. While a prenup before getting married a second (or third or fourth) time may make sound financial sense for some people, for others it may not be a concern at all. If you’re uncertain, the FK Law Group can help. We can walk you and your future spouse through all of your options and help you determine what your prenup, if you need one, should include. Reach out to us today to make an appointment.