Prenuptial agreements are a good idea for someone getting married the first time. They are a great idea for someone entering into a second marriage. This is really important if you are remarrying during your senior years. Protecting assets in a second marriage can be done with a prenuptial agreement even if your new spouse is in the same financial situation as you.
An important tip for couples marrying a second time is to provide each other with full disclosure. Sit down with your spouse and disclose all of your assets and finances. Do so by writing them down on paper. Write down your credit history, assets, debts and any obligations you have from a prior divorce decree.
For the most part, remarrying parties are wealthier when they enter into a second marriage compared to when they originally married. Because of this, they will have more property and more assets to protect. This is where a prenuptial agreement becomes so important. If one or both spouses is still working and earning a high wage, they will want to protect what is earned during the second marriage.
A prenuptial agreement can also help protect your children from a prior marriage when you remarry. The agreement can make it known that you want your property and assets to pass to your child upon your death and not your second spouse. Your new spouse will need to waive his or her rights to your assets in the agreement in order for them to go to your children. If not, the new spouse can stake a claim to a portion of the assets either upon divorce or death.
While preparing a prenuptial agreement, consider looking over your insurance, beneficiaries and the fact that a new marriage means you should write a new will.
Are you marrying for a second time? If so, contact our firm to discuss your financial situation and prepare a prenuptial agreement prior to saying “I do” in Newburgh, New York.