You may not have signed a prenuptial agreement before your first marriage. While this may be risky for many people, it may have worked out alright for you.
However, a lot has probably changed since your first marriage. If you are going to be remarried, it may be more risky now to enter marriage without a prenup than it was when you were first married.
What has changed since your first marriage?
When you were first married, you may have been just starting your career. You probably had few assets and no children. In general, your life was probably much simpler than it is today.
Now, you may have a retirement fund, a house, a business and children from your previous marriage. With these changes in mind, the financial consequences of a possible divorce could be severe. Although you may have every intention of making your new marriage last, it might be necessary to protect yourself in case things do not end up working out.
In addition to material and familial changes, some of your goals may have also changed. You may want to support your future spouse through retirement, but you may also want to make sure that your children receive some of your assets after you pass away. Juggling the needs of your spouse and your children can be a major concern as you enter a second marriage.
How can a prenup help?
A prenup can encourage you and your future spouse to talk through financial concerns and develop a financial plan before you get married. This can help you unite behind common goals and address misunderstandings before they become bigger problems.
A prenup allows you and your future spouse to plan how you will:
- Support yourselves during your marriage
- Withdraw retirement assets
- Divide household expenses during your marriage
- Divide assets if you end up getting a divorce
- Plan your estate after your marriage
- Financially support your children during your marriage
Talking with your future spouse about a prenup may not be romantic. However, a prenup may be a practical way to prevent potential problems during and after your marriage. By sharing your wishes and concerns now, you and your future spouse may even strengthen your relationship before your big day.