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Postnuptial agreements are beneficial in second marriages

On Behalf of | Feb 12, 2020 | Divorce |

Often, spouses in a second marriage find that their financial worth has significantly changed. 

You are both more mature now, more established in the business world and owners of more assets. Should you and your spouse sign a postnuptial agreement? 

Correcting a mistake 

Perhaps you were afraid you might rock the boat by bringing up the subject of a prenuptial agreement prior to your second wedding. However, you often wished you had signed a prenup before you married the first time; it would certainly have made the divorce easier to manage. Now that you and your new spouse are enjoying married life, it may be a good time to discuss the benefits of a postnuptial agreement. 

Looking at advantages 

At this point in your life, you have a better income than when you were younger and more assets to divide if you should divorce for the second time. You may wish to have a postnup that contains favorable terms for your spouse to show your commitment to the marriage. In the event of your death, you may also want to spell out which of your assets should go to the children of your first marriage. 

Bringing up questions 

The primary reason for a postnuptial agreement, however, is to define mutually approved boundaries if your second marriage should end in divorce. For example, how will you and your spouse divide your marital assets? Who gets the marital home and who gets the vacation condo? How will the two of you divide your debts? Who will receive spousal support and in what amount? 

Working it out 

A postnuptial agreement is a very personal document and takes some time to prepare. However, it can include almost anything you and your spouse can think of, down to whose responsibility it will be to take out the weekly trash, mow the lawn or wash the dinner dishes. The major points, however, will evolve from the more serious concerns that would accompany the possibility of divorce. You may regret not having drafted a prenuptial agreement the first time around, but signing a postnup now will put your mind at ease.