A recent study concluded that in 40 percent of marriages in the U.S., at least one partner had previously been married. The study determined that the increase in the rate of remarriages is due to rising divorce rates and longer life expectancy, allowing people more time for a second or even third marriage. Because people in Alabama and elsewhere who marry later in life may have children and assets from previous relationships, they may consult family law attorneys for advice on protecting their heirs.
One couple married later in life after each had been widowed. They combined their assets so that when the husband died, all of his substantial assets went to his new wife. However, when the wife died, she left everything to her children from her previous marriage. The children of her new husband inherited nothing of their father’s estate. This illustrates why it may be wise for couples to consider a prenuptial agreement if they remarry and have children from previous relationships.
A prenuptial agreement does not merely shield a person’s assets in the event of divorce. It can also be used as part of estate planning to provide for the heirs of both spouses. However, unlike a will, which is enforced only after death, a prenuptial agreement also protects one if the marriage should fail.
Prenuptial agreements do not have to be scary propositions. Couples may wish to share assets they build together, but they may choose to keep separate those assets they bring to the marriage. People in Alabama who are considering remarriage are encouraged to seek separate counsel from family law attorneys who will advise them of the best ways to protect their estates through prenuptial agreements.
Source: post-gazette.com, “Financial planners: Prenuptial agreements shouldn’t be a deal breaker in remarriages“, Tim Grant, July 29, 2016