Prenup for Your Second Marriage – Consider Mediation
If you are entering into a second marriage, a prenuptial agreement is a very good idea, especially if you have significant assets or if either of you has children from a previous marriage. Some people in Bucks County feel uncomfortable about the idea of a prenup, having the sense that somehow it means that you are expecting the marriage to end. This is not true.
A prenup is like insurance. You wouldn’t think of being without health or home insurance. A prenuptial agreement is a form of marital insurance, helping you discuss thorny issues with your soon-to-be spouse so that there are no financial questions left hanging in limbo. Such discussions may actually strengthen your marriage in the long run.
A prenuptial agreement isn’t just in the event of divorce; it’s also in the event of untimely death, providing clear instructions for your children and extended family, preventing disagreements or lawsuits about who gets what.
Why you need a prenup for your finances
A second marriage often includes much more complex financial circumstances than a first marriage. You are older, you’ve accumulated more assets, perhaps more debt, and more retirement accounts. What will remain yours and what will be considered shared marital assets? These things need to be discussed in a safe and open atmosphere.
As an experienced mediator, I help walk couples through the various aspects of prenuptial agreements so that they clearly define what will go into the marriage as shared assets in order to make sure they start out on a strong financial footing, but also what assets (and debts) will remain the property of one or the other spouse. In this way, we honor each other’s financial independence while creating a promise for a bright future together. Some of the items to be discussed may include:
- Savings
- Inheritance
- Family or personal business
- Retirement accounts, such as 401k, IRA, Roth IRA
- Family heirlooms
- Jewelry
- Recreational vehicles and vacation homes
- Debt from higher education
- Debt from purchases, such as an auto, home, or boat
- Existing alimony or child support commitments
- Life insurance policies
Why you need a prenup for your children
If you or your spouse-to-be has children, a prenuptial agreement is crucial, whether your children are minors or adults. If you have built a nest egg that you intended to spend on your children’s education, your children’s children, or an inheritance for them, all this needs to be spelled out in an agreement before marriage, or your assets could be considered marital assets.
As marital assets, the money you intended for your children would be split with your spouse in a divorce, go entirely to your spouse in the case of your untimely death, or would be divided among your children and your spouse’s children after you both pass.
Peace of mind
A prenuptial agreement provides peace of mind that one of the major sticking points in marriage—money—has been addressed before you say “I do.” It honors all your hard work prior to this marriage and affirms that your second marriage is based on mutual love and respect and not on financial gain that one partner may receive from marrying the other. Your prenup will protect what you’ve worked hard for over many years, as well as protect your children’s inheritance and their future.
A well-crafted prenuptial agreement for a second marriage will secure everyone’s welfare, protect everyone’s interests, and resolve any conflicts before they occur. The process of mediation fosters open and honest dialogue about these difficult topics in an atmosphere of respect and honesty. The Law Office and Mediation Services of Elissa C. Goldberg specializes in mediation law and can help guide you through this process. Reach out to us at our Doylestown, Bucks County office at (215) 345-5259 for a complimentary consultation to see how we can help you.