Second and later marriages have a high chance of ending in divorce. California couples who are entering second or subsequent marriages in should consider drafting and signing a prenup agreement. The benefits of a prenup, especially for these types of couples, are many and could save the couple financial and emotional stress if the marriage ends in divorce.
Benefits of a prenup
Discussing, drafting and signing a prenup allows couples to know and trust each other about their finances and life goals. It forces both parties to be honest from the beginning, potentially saving them grief that can come from later surprises. Because many spouses going into a second or subsequent marriage are often more financially settled, they might be facing a high-asset divorce. A prenup could help them avoid a lengthy fight over properties they each feel should have been protected.
Topics to discuss when drafting a prenup
There are a variety of topics that might be important to discuss when couples going into a second marriage draft a prenup. These topics include:
- Each person’s estate plan, will, trusts and beneficiaries, especially if one or both parties have children from the previous marriage
- Protecting businesses or other property that each spouse brings to the marriage
- How child support payments to a previous spouse will be addressed
- How alimony payments or the end of these will be dealt with
Conversations about prenups can be difficult. However, when one or both spouses have already gone through the process of divorce, they are aware of the many issues and conflicts that can come up. The discussions around a prenup can help the couple develop open, healthy communication between them. Both parties can then start their marriage on the same page regarding the beliefs and expectations about financial and other important decisions.