California couples who get married in their 20s or 30s may believe that completing a prenuptial agreement is unnecessary. After all, many younger people do not have substantial assets. However, for older people who decide to get remarried, securing a prenuptial agreement can be a wise choice.
In many cases, people who are getting married again may have retirement accounts, substantial assets, business ownership, multiple homes and children from previous relationships. This means that if their second marriage does not last and there is no prenuptial agreement in place, they may experience significant consequences.
A second-marriage prenup could be used to establish support for a new spouse during their later years, assign assets to children if the new marriage is still in place when the parent dies and address how financial assets should be treated if the marriage ends in divorce. The prenup can also address how to accomplish assisting one’s own children while handling the needs of the new spouse.
Using the prenup, the couple can specify how they will be financially supported during the course of the marriage. A plan can be developed for how and when retirement assets will be used. Who will have to pay for how much of the household expenses may also be addressed in the prenup.
A divorce attorney may assist a previously married client set up a prenuptial agreement that addresses the issues of the current marriage. Legal counsel might consider a client’s financial assets and other details before developing the terms. If necessary, the attorney may engage in litigation to ensure that the terms of the agreement are enforced.