Do I Need a Prenup for My Second Marriage?

 Posted on September 14, 2021 in Prenuptial Agreements

 Prenuptial agreements can be a touchy subject between partners, and there are many reasons why people may be reluctant to consider them. Some may be concerned that a prenup will start the marriage off on the wrong foot, and others may feel that a prenup is unnecessary given their current financial situation. However, for those who are about to begin their second marriage, the benefits of a prenuptial agreement often start to become more clear. Here are some reasons why a prenup may be a good choice as you prepare to get remarried.

You Want to Avoid the Mistakes of Your First Marriage

Divorce is a largely unpleasant experience, but one positive that may result from divorce is a better understanding of what can go wrong in a marriage. Perhaps disagreements about finances were a major contributor to the failure of your first marriage, and you want to address these issues up front in your next marriage. Or, perhaps the division of marital assets in your divorce was difficult and embittered, and you want to have a better plan for dividing assets amicably if you need to do it again in the future. A prenup can allow you to do both of these things.

You Have More Valuable Assets

Second marriages tend to happen at a later stage in life, when you may already have substantial assets to your name. For example, you may own and operate a business, have one or more real estate properties, or have a valuable investment or retirement portfolio. According to Illinois law, assets owned before marriage are considered non-marital property and protected from division in a divorce, but it may still be a good idea to create a prenup to establish, clearly and in writing, that certain assets will belong to you alone throughout the marriage.

You Want to Protect Your Children

You may be going into your second marriage with children from your previous relationship, and it is important to look out for their financial interests. You may have certain properties or assets that you intend to leave to your children as an inheritance, but getting remarried can complicate how your assets are distributed after your death, and if you later get a divorce, some of those assets may be lost to your new spouse. Your prenuptial agreement can protect certain assets for your children and specify how your estate would be distributed between your spouse and children if anything were to happen to you.

Contact an Austin Family Law Attorney

Keep in mind that a prenuptial agreement is a two-way street, and it is important that your partner is comfortable with the agreement as well. At Powers and Kerr, PLLC, we can help you draft a prenup that is fair to both partners and protects your financial interests. To learn more about our services, call our Texas prenuptial agreement lawyers today at 512-610-6199.

Sources:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.4.htm

https://www.businessinsider.com/personal-finance/prenuptial-agreement-needed-for-second-marriage-family-business-large-assets