Do You Need a Prenup When Remarrying in Midlife?
When remarrying in midlife, how important is it to get a prenup? In this short video for Bottom Line, Inc., I share my thoughts on prenups…
When people are remarrying in midlife, they have financial obligations, assets and situations that they might not have had to worry about the first time around, and they wonder if they might need a prenuptial agreement. In this short video I filmed with Sarah Hiner, President of Bottom Line, Inc., I suggest that prenuptial agreements are a must-have in all marriages.
While some people view them as insulting and a suggestion that the marriage might not work out, I believe that people need to protect their hard-earned finances and be able to talk about everything as they prepare for marriage. If you are close enough to someone to marry them, you are certainly close enough to discuss a prenup.
Prenup or No Prenup When Remarrying in Midlife?
According to my radio guest, attorney David Pisarra, in an episode entitled Prenup or No Prenup? Should You Protect Your Assets Before Marrying in Midlife? anyone who has a pension, stocks or assets above $25,000 needs a prenup.
David says, “First let’s ask, what is marriage? It’s a contractual partnership agreement between two people. Most people don’t understand the details of the partnership agreement. It’s to clarify responsibilities in a relationship, just like you would do in business. When you write it out, it makes it easier to talk about it.
Basically, you’re saying, “What are the expectations we have for our marriage/assets/how we spend money, etc.?” People often have unstated expectations. That’s why many get divorced.
A prenup identifies the assets that you both have coming into the relationship, and what you’re going to do with the assets. Maybe your future spouse is planning to leave it to the lymphoma society, and you thought you’d spend it on a luxury vacation. You need to have the conversation to clarify expectations. The mechanics are fairly simple. It’s a schedule of assets and how to build as you go into your golden years. The court can set aside big provisions in case there’s a divorce.
Click the video below to watch…
Prenup or no Prenup When Remarrying in Midlife?
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