It is believed that approximately four in 10 new marriages involve at least one individual who has been married previously. Remarriage later in life, though a wonderful thing, carries with it some financial risks for oneself and any children one has had through previous relationships. For those in New York and elsewhere who have found love again, it is okay to want to seek out the appropriate legal protections before walking down the aisle. A prenuptial agreement may be just the ticket.
Prenuptial agreements are often thought of as unromantic. However, when getting remarried, one generally has more to lose if the marriage fails to thrive or if either spouse dies. As both parties are more likely to be entering the union more financially established, protecting assets for oneself and one’s children may not be the most romantic way to start off the marriage, but it certainly is wise.
Sadly, there are documented cases of remarriages failing and the financial devastation that soon after follows. There have also been numerous circumstances involving one spouse passing away and his or her children being denied inheritances. These things can be avoided by taking the appropriate precautions well beforehand.
A prenuptial agreement is not something that can be forced. Both parties have to willingly accept the terms. This may require a little negotiation which can take time, but it is generally considered time well spent. For couples in New York or elsewhere who are getting remarried, experienced family law attorneys can assist in creating marital contracts that address their concerns and that offer the protections desired.
Source: post-gazette.com, “Financial planners: Prenuptial agreements shouldn’t be a deal breaker in remarriages”, Tim Grant, July 29, 2016