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How can a prenup help a second marriage?

| May 18, 2022 | Family Law

Virginia residents who are looking to get married after a prior divorce should learn how a prenup may be essential for them

Virginia residents who are contemplating a new marriage after having been married before know all too well that an expected future may not come to fruition. That, however, does not mean they have to give up on love or the promise of a happy life with someone. It does, however, mean that they should be more aware of the practical, business-type side of marriage – including when a divorce occurs.

Part of this awareness should make people open to the concept of entering into a prenuptial agreement before getting remarried. The Detroit News indicates this may be even more necessary if the partners have vastly different estate values and income.

Protecting inheritances for children of prior marriages

As noted by CNBC, many people getting remarried have children from their prior marriages. This must always be a priority and thought should be given to how to the inheritances that would originally have been saved for these children can be protected. A grandparent’s china is likely best kept within the family bloodlines rather than given to a stepchild that never even met that grandparent.

The ante can be raised even further when valuable financial assets are at stake. If children are still minors when a remarriage occurs, consideration should be given as to how they may be cared for in the event that their parent dies. This could include everyday care as well as future education expenses.

When kids of remarrying spouses are adults themselves, it can help families come together for all parties to know that estate plans have been made to preserve familial heirlooms and assets and keep them within the family.

Estate planning for kids and spouses

The concept of a prenuptial agreement as a means of estate planning has grown greatly in recent years. When in the case of a remarriage, a prenup can help ensure one spouse’s biological children or even grandchildren receive certain assets as noted above.

However, a prenup can also help ensure that a new spouse is cared for in the wake of the death of the other spouse. 360 Degrees of Financial Literacy recommends that partners map out their respective assets and debts and then identify which items will remain separate and which will become joint upon marriage. This can be used as a first step toward identifying what assets will be available for the care of each other if one person dies first.

Working with an attorney important for prenups

When developing a prenuptial agreement, Virginia couples should always talk with a lawyer who understands the laws and requirements for these contracts. This is the best way to ensure that a prenup is comprehensive enough and created in a way that will prevent it from being declared invalid if and when ever needed.