When you get married following the end of a prior marriage, one of the changes you may make for your new relationship includes negotiating a prenuptial agreement with your new spouse. However, establishing a prenup for a second or subsequent marriage can involve complexities and complications not present in a prenup agreement for a first marriage. Working with an experienced family law attorney can help you manage the issues that may arise when negotiating a prenuptial agreement for a subsequent marriage.
** Why Consider a Prenup for a Second or Subsequent Marriage?**
Getting married again following a first marriage can seem like a fresh start and a chance to learn from the mistakes that may have caused your first marriage to fail. One of the things you might consider doing differently in a second marriage is establishing a prenuptial agreement with your new spouse.
A prenuptial agreement for a second or subsequent marriage can serve many critical purposes. First, prenuptial agreements can clearly identify separate and marital assets and resolve property division issues if your new marriage fails. Prenuptial agreements can also protect and avoid misunderstandings regarding your obligations arising from a prior marriage, such as alimony and child support obligations or estate planning provisions.
** Reviewing and Updating Prenuptial Agreements**
Depending on the timing between your divorce and your new marriage, you may need to review and update your negotiated prenuptial agreement for your new marriage as you finalize your divorce in your previous marriage. Once the judgment in your divorce is finalized and you have a clear picture of your financial situation, you can settle financial issues with your new spouse in your current prenuptial agreement.
Spouses remain free to amend their prenuptial agreement before and during their marriage (with an agreement reached after marriage becoming a “postnuptial agreement”). However, spouses should ensure that any updated agreement meets state law requirements for enforcement, including full disclosure of financial information, separate legal counsel, and no coercion or undue influence.
** How a Divorce Judgment from a Prior Marriage Can Affect Your Current Prenuptial Agreement**
When negotiating a prenuptial agreement for your new marriage, you must consider how your divorce judgment(s) from prior marriages may affect your rights and obligations in your current relationship. For example, you may have alimony or child support obligations from prior marriages requiring you to pay former spouses.
Similarly, prior divorce judgments may require you to undertake specific estate planning to secure your obligations under those judgments, such as making provisions for an ex-spouse or your children in a will or providing financial security for your spousal or child support obligations through a trust or life insurance policy. Furthermore, a divorce judgment may award specific assets to your ex-spouse.
** Get Help from an Experienced Attorney**
When you marry again after a divorce, a prenuptial agreement can provide you peace of mind as you begin your new relationship. Contact The Law Offices of Dawn K. Gull today for a confidential consultation to learn how our legal team can help you evaluate your options for protecting your interests.