Why You Should Take the Extra Steps to Protect Yourself, Your Kids, and Your Future
Prenuptial agreements can benefit any couple, but they’re especially useful for those who have been married before. While young, first-time spouses may not have many assets to protect when they start a life together, those ready to give love a second chance have likely grown in their career, family, and personal life, and have the property – or debt – to prove it. A prenup can protect all that and more.
Protect a Spouse with Fewer Assets
Couples who remarry at a later age will likely acquire less community property together, as they’ll have fewer years left to work before they reach retirement. This means that the majority of their individual wealth will come from separate property from before their marriage.
This disparity in wealth could leave one partner anxious about being unable to financially sustain themselves in the event of divorce. A prenup could entitle the lower earning spouse to enough assets to be comfortable after the marriage.
Protect Children from Previous Marriages
If you or your new partner have children from a previous marriage, a prenuptial agreement is crucial. Premarital agreements can strengthen the power of your will and trusts after your death by reasserting your wishes for the future of your property and your kids. The more documents you have naming your intentions, the better.
Prenups can protect assets from cash to businesses to even art collections. By retaining sole ownership of these assets in a prenup with the intention of bestowing them upon your children, you can prevent your spouse from staking a claim in them and taking the property from your kids should you predecease your partner.
Establishing Protocol for Your Life Together
With a prenup, you and your spouse can make a number of important financial decisions for your future together. You can use the document to describe:
- How each partner will support themselves
- Plans for redeeming retirement savings
- Expectations for providing financial assistance to the other’s children
Overall, a prenuptial agreement secures your future and that of your children and assets. Contact The Springer Law Firm for more family law information and to receive this protection today.