Getting Remarried? Why You May Want to Consider a Prenuptial Agreement

 Posted on September 07,2017 in Prenuptial Agreement

Many people move on to have happy and healthy relationships after a divorce. Some even remarry, perhaps for the last time. However, the divorce rate for second and third marriages is substantially higher than the rate of divorce for first marriages. Furthermore, there are some challenges, both in terms of money and relationships, that couples may face in a subsequent marriage. Some can be mitigated with frank and honest discussions, but others may require legal documentation. Learn more about how a prenuptial agreement can mitigate against issues in your second marriage, and how an experienced attorney can help.

Examining the Challenges of Subsequent Marriages

When a divorced individual remarries, they may lose out on certain benefits from their first marriage, such as alimony or social security benefits. Such losses are damaging enough, in and of themselves, but when children from a previous marriage are added into the mix, things can become extremely complicated. For example, if each party has their own assets from before the marriage and the items then are co-mingled during the union, children may stand to lose an inheritance, educational fund, or another asset if their parent and step-parent divorce.

Another common challenge in subsequent marriages involves the advanced age of the marrying individuals. Some may be nearing retirement and may have a retirement account or other form of savings that they will use to support themselves and their new spouse. Unfortunately, if the couple then divorces, the retirement account may (depending on the circumstances) be considered a part of the marital estate. To prevent this from happening, parties may want to ensure they agree upon how assets will be disbursed, should they later divorce.

Understanding the Role of a Prenuptial Agreement

Prenuptial agreements can be used to protect real estate, property, and other assets, should the couple ever divorce. As such, it can ensure proper protection in a second or third marriage - and not just for the marrying parties, but also for any children or step-children. Couples can discuss their concerns, their fears, and what they feel they may be entitled to if divorce ever becomes a reality. They can also set ground rules for how money and other assets will be used over the course of the marriage, which can reduce the likelihood of money-related arguments.

Contact Our DuPage County Family Law Attorneys

At Stock, Carlson & Asso. LLC, we recognize the importance of careful and thoughtful planning. Dedicated to your best interests, we can examine your situation and help you understand your options. At every turn, we protect your financial future. Schedule a personalized consultation with our DuPage County family law attorneys to get started. Call 630-665-2500 today.

Source:

http://boston.cbslocal.com/2017/08/31/breaking-up-is-hard-to-do-second-or-third-go-around-2/