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Get a Prenuptial Agreement before Your Next Marriage
By Jeffrey
Broobin
While signing a prenuptial agreement can be one of the
all-time romantic turnoffs, for people heading into their
second marriage, a prenuptial agreement can give the trade-off
of a better relationship through the security of financial and
life planning.
A prenuptial agreement is a legal contract between two
people about to marry, specifying how assets will be
distributed in the event of divorce or death. A prenuptial
agreement is a good idea, even if you aren’t rich or own a
home. It saves future arguments and can even save you
money.
A prenuptial agreement requires that each partner prepare an
inventory of assets owned before the marriage, and it allows
you to establish your separate priorities about those
assets.
Even if you do nothing more than that in your prenuptial
agreement, this gives children from a previous marriage a
chance to have half of that property and establish what
belonged to Mom or Dad before the second marriage, and it
establishes what you're taking with you should you leave the
marriage."
Statistically, second or third marriages are more likely to
result in divorce than first-time unions. Because of this, a
prenuptial agreement is an especially wise idea.
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A prenup is important if one of you is wealthier than
the other.
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If you have assets such as a house, stock or retirement
funds, you should have a prenup.
-
A prenuptial agreement is essential if you own part or
all of a business.
-
A prenup can discuss your wishes if you may be
receiving an inheritance.
- If you have relatives who need to be taken care of,
such as disabled children or elderly parents, a prenuptial
agreement is very important.
-
If you expect to receive a big increase in income
because of a growing business, a prenuptial agreement
can address this issue.
-
A prenuptial agreement is essential if you have
children and/or grandchildren from a previous marriage.
We recommend that each partner draw up a list of assets.
Furthermore, for professional couples, prenuptial agreements
can be the ultimate protection against all-too-common lawsuits
or medical malpractice suits. You can't predict all of your
life events, and prenuptial agreements are a means of keeping
your own assets safe in the event of any financial problems
that your spouse may experience.
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