Getting married for the second time can bring about a host of different emotions. On one hand, a new romantic relationship is a reason for joyous celebration. On the other hand, individuals who have already been through a divorce may be nervous that their second marriage will also end in divorce.
If you are getting married for the second time, it is important to protect your rights and financial interests through a prenuptial agreement or postnuptial agreement.
How a Prenup Can Benefit You and Your New Partner
Many people hesitate to even consider a prenuptial agreement. They assume that only those people with little faith in their relationship would plan for the possibility of divorce. While, admittedly, prenuptial agreements are not the most romantic topic, signing a prenup comes with a multitude of benefits – even if the couple never divorces.
Advantages of drafting a prenuptial agreement include:
- Identifying marital and non-marital property – Individuals in their second, third, and subsequent marriages usually have accumulated significant assets. A prenuptial agreement can be used to categorize assets as either marital and belonging to both spouses or non-marital and belonging to one spouse. This is especially important for complex assets like businesses and professional practices. If the marriage does end in divorce, the couple will already have defined their property rights and responsibilities which significantly decreases the intricacy of the divorce.
- Ensuring that children receive certain assets upon a spouse’s death – Another reason many people use prenuptial agreements is to ensure that certain assets get passed down to children from a previous marriage upon a spouse’s death. Prenuptial agreements are often used in conjunction with estate planning documents to pass down family heirlooms or other assets of great financial or personal value to children. So, prenuptial agreements can be useful even if the couple stays together until the very end.
- Describing a spouse’s right to spousal maintenance – If one spouse is financially dependent on the other spouse, this can put them in a very vulnerable position during divorce. A prenuptial agreement can describe a spouse’s right to spousal maintenance or alimony. If the marriage does end, the spouse will not have to worry about how to make ends meet without the other spouse’s financial support.
- Providing an opportunity for an honest discussion about finances – Drafting a prenuptial agreement gives an engaged couple an opportunity to have a transparent discussion about finances before making their marriage official. Both parties will need to disclose their assets, income, and debts during the process and have a frank conversation about their financial rights and responsibilities. This can be an invaluable process considering so many marriages fail due to financial disagreements.
Contact a St. Charles Prenuptial Agreement Lawyer
If you want to learn more about the benefits of signing a prenup for your second marriage, contact MKFM Law. Our St. Charles family law attorneys can help you draft an agreement that benefits both you and your partner. Call 630-665-7300 for a confidential consultation.