Feb 19, 2021

The Importance of Prenuptial Agreements in Remarriage

Finances

Never Say Never to Remarriage

When my Alpha Center for Divorce Mediation clients are completing their mediation program, and finalizing their divorces, they are also starting a new social life as a single person. I always suggest that they get a prenuptial agreement in place before you getting remarried. Having just finalized their divorce, the typical response is “I am never marrying again”. However, life does go on and remarriage often happens.

Why a Prenup?

A prenuptial agreement is a document anyone getting married should have. However, it is especially important for subsequent marriages. In these situations, there are often substantial assets, such as real estate, business interests, retirement assets, and the most precious of all, the children. In many instances, a prenuptial agreement’s primary purpose is to protect the children of the first marriage. At this point, both parties should also have an estate plan in place.

Benefits and Protection in A Good Prenup

A good prenuptial Agreement starts with a series of conversations as soon as the couple seriously considers marriage. It is vital that both people are open during their discussions and be willing to disclose all of their assets and liabilities, and the values of both. Sometimes this information is known by both parties, but not always. We provide forms that help each person compile an accurate list. The prenuptial agreement provides protection and peace of mind for both parties, not just for the person with the greater percentage of assets. At the Alpha Center, both parties are present so the process is very efficient.

Next, the couple review the agreement carefully. Does the document meet the stated goals of the couple and protect both parties? Working together until everyone is completely comfortable is central to the creation and execution of a good prenuptial agreement.

Debbie Y. Schneider, Esq. is an attorney-mediator with the Alpha center for Divorce Mediation. Click here for her profile.

For more information, check out our article The Unromantic Prenup