Did you go through the divorce process in the past? Did this have a negative impact on your finances? If so, you may look back and wonder if there is anything you could have done differently.
As somebody closing in on a second marriage, it’s time to take a different approach. It’s time to take steps that will help protect your finances in the event of another divorce. The best thing you can do is create a prenuptial agreement.
Above all else, you must discuss this with your soon to be spouse. He or she should be on board with the idea. Your partner should understand why you’re asking for a prenuptial agreement, as well as the benefits that it will bring to him or her.
There are many things you can include in a prenuptial agreement, such as:
- Outline separate and marital property. If you’re bringing any asset into the marriage, make sure it’s outlined as separate property in the prenuptial agreement. This way, if you divorce, it is not subject to property division.
- To protect yourself from the other person’s debt. There’s a chance that your partner could have more debt than you. If you don’t want to get stuck with this in the event of a divorce, make note of this in the prenuptial agreement.
- To provide for children from your first marriage. Just because you’re remarrying doesn’t mean you want to forget about the children you already have. You can use a prenuptial agreement to ensure that these children will inherit some or all of your property.
- Business interest. Do you own a business? If so, you know that you want to protect it if you divorce. A prenuptial agreement allows you to do just that.
Although you’re looking forward to your second marriage, you need to take steps to protect yourself. Even if you made mistakes in the past, you don’t have to do this again in the future.
Through the creation of a prenuptial agreement, you can gain peace of mind as you tie the knot. This doesn’t mean that you’ll go through divorce again, but it protects you just in case this happens. In the end, both you and your spouse can feel good about the decision.