A lot can be learned from a first marriage; what one likes, what one is willing to accept and how to protect oneself should he or she decide to get married again later in life. Those who are getting married again, whether they reside in New York or elsewhere, may have quite a few questions regarding the best ways to protect their assets moving forward. This is where a prenuptial agreement can prove extremely valuable.
Getting married later in life can have its ups and downs, just like any other marriage. However, there are a few more concerns going into these unions. These individuals tend to have more assets and children to consider. It is completely understandable for a person to wish to protect him or herself if the marriage fails to work out.
A prenuptial agreement can be drafted and customized in order to achieve this protection. These contracts can be extremely specific regarding one’s wants and wishes regarding physical property and monetary assets. Certain expectations for the marriage can also be included. Some things not to overlook when creating a prenuptial agreement might be:
- Designating terms for living expenses
- Determining what is to be marital versus separate property
- Designating marital and separate monetary assets
- Addressing any concerns regarding children
Those residing in New York or elsewhere can only help themselves by considering these and other issues when drafting and negotiating a prenuptial agreement. One should not be afraid to be too specific. Despite even the best of intentions, marriages do not always work out as planned, and that is okay. Seeking to protect oneself is simply a wise move in the event of divorce.
Source: mysanantonio.com, “Issues to Consider before a Second Marriage”, Paul Premack, Oct. 5, 2015