People in California marrying for the first time may not put too much thought into prenuptial agreements. After a divorce, however, it's wise to think more closely about planning before entering a new relationship. When people marry again, especially later in life, a prenuptial agreement is generally well-advised for the future. Those who remarry in their 50s and 60s may have accumulated substantial assets, retirement funds or even businesses. In addition, both partners may have children from previous relationships. As a result, they may be concerned about the financial impacts if their second marriage ends in divorce.
Some financial concerns that come with later remarriage include defining which properties are considered marital, especially when both partners enter the marriage with their own homes. In addition, the future of their assets may be a major concern, especially if they both have children that they want to be heirs. Even these kinds of estate planning concerns can be at least partially addressed in a prenuptial agreement.
The prenup can also address other kinds of issues, such as how the spouses will use their respective retirement accounts to support themselves during the marriage. They can lay out their decision process about which accounts to rely upon or decide how they will divide their expenses. In addition, a prenup should always provide benefits to both partners, including the partner entering the marriage with fewer assets.
When thinking about remarriage later in life, one may have a number of unique financial concerns. A prenuptial agreement may be a good solution for many of these issues, and a family law attorney can help a client draft an agreement that protects the interests of both parties before the marriage.