Prenuptial agreement will protect assets

You’re in love again, and you want to remarry. As we live longer, it’s not out of the question that we’ll find another special someone after the death of a spouse or a divorce.

What’s different this time? You might want to consider signing a prenuptial agreement. More and more seniors are doing just that before remarriage.

A prenuptial agreement is a legal document, prepared by an estate-law attorney, that protects the assets of both parties in a marriage. What you bring to the marriage, and its possible distribution after your death or in the event of divorce, is covered in detail in the document, and is signed before the marriage.

If you have children from a previous marriage, you’ll likely want to protect any family heirlooms or money you want them to have, instead of all your assets going to your new spouse or through probate. Perhaps you have business investments or properties. Or maybe you’re likely to receive an inheritance. A prenuptial agreement will ensure that, in the event of divorce or death, you retain as your own anything you have when you enter into the marriage. The agreement will also cover any increases in the net worth of your premarital property during the marriage, as well as any spousal support should the marriage fail.

Debts are another concern that can be addressed by an agreement. If the person you marry has debts, you need to protect your own assets from any liability.

The subject of a prenuptial agreement isn’t always easy to bring up. But ideally you’ve been talking about this all along, and know each other well enough to understand the need for protecting one’s assets.

To have a prenuptial agreement prepared, consult an estate law attorney.