Premarital Agreements For Second Marriages
As you float on the cloud of turmoil, it`s important to think carefully about what your financial union will be like and how you`ll discuss the important prenup of a second marriage with your impending spouse. Laurie Israel is a Massachusetts attorney, who works with wealthy clients who are considering a second marriage. Your writings on marriage contracts have been published in the New York Times, the Wall Street Journal and the Huffington Post. She is the author of the recent book “The Generous Prenup: How to Support Your Marriage and Avoid the Pitfalls”. It is precisely when two spouses already have children who are getting married that a prenup is essential. “One of the most common scenarios is when you have a second marriage. The premarital agreement provides that the remaining spouse will receive the estate if one of the spouses dies,” Sanford says. Married couples planning a new marriage should have an open discussion about their property and financial arrangements for current – and future – children before they descend into the hallway. A prenup for a second marriage, however, is not a miracle weapon that can solve everything. If you are entering into a second marriage, you should seriously consider a marriage contract.
Many people who remarry have a considerable fortune, probably own a house, have saved for retirement, can have a store and often have children. In a second marriage, the financial stakes are usually higher. If you have children, there are also many more responsibilities. As a surviving spouse, a prenup can allow you to inherit the property of the first spouse, while ensuring that the children of both spouses receive a fair inheritance after the death of the second. A marriage contract also allows you to determine which specific assets go to whom, regardless of which spouse dies first. Another important difference is that couples who have gone through a divorce are more open to an in-depth discussion about planning the problems that may arise in the event of a divorce in order to prevent a similar situation from happening again. Many couples who get married may wish they had entered into a marriage contract before their first marriage. To learn more, how to get a marriage contract with your future spouse. Emily is a lawyer with our divorce and family law team in Manchester and handles divorces and related financial matters, marriage and concubine agreements, private matters for children and injunctions against domestic violence. This means being honest about career goals, debts like school credits and credit cards, expectations about financial obligations to children and future estates, and assets from previous marriages.
In a second marriage, there may be questions you never thought about at your first marriage, regarding the property acquired before that marriage, the expenses related to that pre-marital property, and how you or your future spouse will support your children in previous relationships. If one party has much more wealth than the other or one party has children and the other does not, the stakes may be even higher. A marriage contract could help ensure that this type of transition goes smoothly, even if couples who are married a second time stay together. “It`s very effective and eliminates confusion, frustration and disharmony,” Sanford says. .