With more than 40% of marriages, one or both spouses have been previously married. Remarriage is especially on the rise among older couples in Texas and elsewhere in the nation. In such situations, there’s an increased potential for conflict since assets are likely to be more significant than what’s common with a first marriage.
Understandably, people remarrying often have split loyalties for their new spouse and any children they may have from a prior marriage. One way that a remarrying spouse may be able to achieve their desired financial outcome is with a well-drafted prenuptial agreement. Such a document can provide added peace of a mind for a new spouse with less assets while also clearly spelling out what assets are to be passed along to children. Property and financial holdings brought into a new marriage can also be covered.
A prenup can go a bit further and outline what assets and debts will be shared with a new spouse and what will remain separate. Sole ownership of certain assets, for instance, may make it easier for children to claim their inheritance when the time comes. If a remarrying spouse’s soon-to-be life partner is financially well off, another option is to include wording in a prenup that waives their rights to money and property owned prior to remarriage. Also, a new spouse’s claim to assets may supersede a will unless a prenup confirms intended wishes.
Should a subsequent marriage not last, a divorce attorney may look at how a prenup was initially worded to determine if terms are fair and still in line with a couple’s available assets. A lawyer may also help prior to remarriage by encouraging appropriate updates to estate plans and beneficiary designations. A postnup can also be prepared after “I dos” are exchanged to affirm what’s in a prenup.