People who get married a second time later in life tend to worry more about retirement. Prenuptial agreements might be a good idea in New Jersey. Related areas of family law include divorce, custody and domestic violence restraining orders.
Why decide on Prenuptial Agreements?
People who get married in their 20’s and 30’s don’t usually have large assets. People who get married later in life tend to have financial goals started or achieved. Some of the messiness of a previous marriage can include children or business ownership. If the second marriage doesn’t last, there are large financial consequences without prenuptial agreements.
Financial concerns before a second marriage
There are many concerns that a second marriage prenup can address. The average concerns you have in later life include:
- Supporting a new spouse through retirement
- Payment of expenses and accumulation of marital property after retirement
- Passing assets to children during second marriage
- Balancing financial needs of children and new spouse
- Ensuring a calm divorce process if marriage fails
- Keep financial results if marriage fails
What can a Prenup do during a Second Marriage?
Prenuptial agreements are insurance policies for your marriage. With a prenup, a couple can create an organized plan for retirement assets, depending on their wealth. They can figure out how to support themselves during their marriage. Sometimes one person has a larger retirement plan than the other. The couple could decide to use the larger asset and do the minimal withdrawals with the smaller one.
You build marital property during the marriage, but a prenup before a second marriage would keep assets separate. There would be no way to gain any marital property after retirement either. Separate property can leave your spouse feeling unprotected if the marriage fails. There are pros and cons to prenuptial agreements. It is a discussion worth having before the second marriage in New Jersey.