Get a Prenuptial Agreement before Your Next Marriage

By Jeffrey Broobin

While signing a prenuptial agreement can be one of the all-time romantic turnoffs, for people heading into their second marriage, a prenuptial agreement can give the trade-off of a better relationship through the security of financial and life planning.

A prenuptial agreement is a legal contract between two people about to marry, specifying how assets will be distributed in the event of divorce or death. A prenuptial agreement is a good idea, even if you aren’t rich or own a home. It saves future arguments and can even save you money.

A prenuptial agreement requires that each partner prepare an inventory of assets owned before the marriage, and it allows you to establish your separate priorities about those assets.

Even if you do nothing more than that in your prenuptial agreement, this gives children from a previous marriage a chance to have half of that property and establish what belonged to Mom or Dad before the second marriage, and it establishes what you're taking with you should you leave the marriage."

Statistically, second or third marriages are more likely to result in divorce than first-time unions. Because of this, a prenuptial agreement is an especially wise idea.

• A prenup is important if one of you is wealthier than the other.
• If you have assets such as a house, stock or retirement funds, you should have a prenup.
• A prenuptial agreement is essential if you own part or all of a business.
• A prenup can discuss your wishes if you may be receiving an inheritance.
• If you have relatives who need to be taken care of, such as disabled children or elderly parents, a prenuptial agreement is very important.
• If you expect to receive a big increase in income because of a growing business, a prenuptial agreement can address this issue.
• A prenuptial agreement is essential if you have children and/or grandchildren from a previous marriage.

We recommend that each partner draw up a list of assets. Furthermore, for professional couples, prenuptial agreements can be the ultimate protection against all-too-common lawsuits or medical malpractice suits. You can't predict all of your life events, and prenuptial agreements are a means of keeping your own assets safe in the event of any financial problems that your spouse may experience.

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