Pre-Nup Contracts on 2nd Marriage

by Shari
(Monroe)

What is the best way to approach the topic of a pre-nup/amendment to will on an up-coming 2nd marriage? OR What is typically "fair" for a 2nd wife to expect for her future financial security when both parties have (grown) children from a prior marriage?

Our Answer:

This really is the kind of topic that is best discussed with a lawyer--or perhaps a para-legal consultant. Remember, though, that the pre-nup arrangements may be just as much for your grown children than for you and your future husband! These arrangements demonstrate to everyone that you care about them--and that you aren't putting your own interests in front of your children's concerns.

We are quoting from the article listed below: "A prenuptial agreement is a legal contract between two people about to marry, specifying how assets will be distributed in the event of divorce or death. A prenuptial agreement is a good idea, even if you aren’t rich or own a home. It saves future arguments and can even save you money."

A prenuptial agreement requires that each partner prepare an inventory of assets owned before the marriage, and it allows you to establish your separate priorities about those assets.

The very first step, we think, is to engage your fiance in an open conversation. A number of questions need to be "put on the table":

1. Is it necessary to amend the wills?


2. Who are the beneficiaries in the event of death of either/both partners?


3. What can we do with this pre-nup agreement that will help our children feel secure and cared for as we enter marriage?

We suggest you also read this article by Jeffrey Broobin: Reasons for a Prenuptial Agreement Before Your Second Marriage for more insights into some of the complexities.

(Again, we want to remind everyone that the advice we provide is for general information purposes only and is not intended to substitute for professional marriage or legal counseling.)

Sincerely,

Carrie and Jim