Second Marriage? Consider a Prenuptial Agreement

Regardless of your age, your chances of remarriage are good. After a first marriage, most people understand the realities of assets and liabilities and how they are split during a divorce. Assets developed and held after a first marriage are important to protect during a second marriage.

There are compelling reasons to think about a prenuptial agreement, which sets forth property to be held separately by each party and ensures that your property flows to the beneficiaries you choose. Consider these points:

• A prenuptial agreement should not be a deal-breaker: If you believe discussing a prenuptial agreement will ruin your chances for a trusting, lasting relationship, reconsider your marriage choice. Safeguarding wealth at any time in life is important. At midlife or later, it is essential. The ability of your fiancé or fiancée to discuss and plan for financial realities is a good indicator of compatibility.
• Protect what is important: If you have children from a first marriage, operate your own business or own other assets, put it in writing. Safeguard what is yours. And discuss, disclose and take responsibility for your debt and liabilities.
• Get good counsel: Consider developing your prenuptial agreement through mediation to avoid the appearance of a power play. Ensure that you and your intended spouse have effective counsel and start working on your agreement long before your wedding date. Make sure your agreement is well-crafted and properly witnessed.

When remarrying, be careful to explore what you might lose in the process, including pension payments or other awards made under a previous divorce decree. At any time of life, preserving financial security is important. Get good legal advice about property protection the second time around.