No matter what your age, when you've decided to remarry, you and your future spouse should discuss and settle decisions like:
- Where will we live after the marriage? Will we move into one of our homes or purchase a new home together? What will we do with the assets from the sales of our previous homes?
- What is our plan for long-term care in the event one or both of us needs it?
- What assets are personal property and what will be marital property?
- Upon one or both of our deaths, how will our children receive any inheritance?
Depending on your financial and family situation, there are also many other factors to consider. However, it's crucial to handle these matters before your marriage. These can be complex issues, requiring legal contracts and skilled attorney guidance.
These issues can be settled in advance by a sound premarital agreement (also called a prenuptial agreement).
Why do I need a prenup before remarrying?
A binding legal document between two future spouses, a premarital agreement outlines terms regarding how marital property, assets and other matters will be handled both during the course of your marriage as well as in the event of death or divorce. When drafting a premarital agreement, you and your future spouse should each have your own family law attorney and ensure your prenup is in accordance with your estate plan.
Although prenuptial agreements often have negative connotations, they also provide many advantages and protections to couples – whether it's a first, second or third marriage. Prenups afford spouses peace of mind for each other and their children, allowing them to protect their assets and legacies. Especially if one of both of you are entering the marriage with a large amount of property, own a business or have a large amount of debt, it's wise to consider a premarital agreement.
Often, newly engaged couples don't think about – or don't want to think about – issues like divorce or death, resulting in costly and adversarial legal battles. However, by sitting down to consider the future in a realistic manner to take care of these issues in advance, you and your partner can plan a solid and honest marriage together.
Remember, there is no stigma in a prenup, and in the case of a second marriage, we strongly recommend it. If you need legal guidance with your premarital agreement, talk to us at Holland Law today. To schedule a consultation in either our Fort Mill office on Gold Hill Road, or in our Rock Hill office on Oakland Avenue, please call 803-219-2630 or contact us. We serve clients in the York, Lancaster, and Chester County communities.