Prenups and Second Marriages

This content was originally found on Berg, Debele, DeSmidt & Rabuse, P.A.

Minnesota couples can receive many benefits from today’s prenuptial agreements, including estate planning.

When people get married for the second, third or subsequent time, they likely have different concerns than with a first marriage. Most couples in this situation have children from prior marriages which will naturally bring up unique issues. Each partner may wish to ensure that select belongings or assets go to his or her children upon death. A prenuptial agreement can outline all of this and more.

Even without children in the picture, couples in this position may want to keep some assets separate when going into a remarriage. The AARP website suggests that when creating a prenup, these couples could develop separate sections of the contract for stipulations upon potential divorce or death of either spouse.

Long-term protection for any marriage

People getting remarried or even those getting married for the first time may have legitimate reasons to be concerned about their professional reputations. Maintaining good standing in a business setting can be critical to ongoing financial stability.

If a couple divorces and one partner chooses to leverage the power of social media to make negative or embarrassing comments about the other person, these reputations can be in jeopardy.

According to Fox News, many people are opting to create social media clauses in their prenups. These clauses outline what things are not allowable in the world of social media after the couple divorces. The ability to show true financial impact of a negative post will assist in making the clause legally binding.

An article in Adweek suggests that spouses who violate these clauses can be fined up to $50,000 for a single incident. This can be some very powerful assistance to those concerned of such things.

Make sure it’s legal

Too many people do not create their premarital contracts in the right way and then only after it is too late, they find out that the documents are not valid or enforceable.

Forbes indicates that creation of such documents under duress or when one party was not mentally capable of entering into such an agreement is one way that these agreements can be invalidated. Not following proper filing processes is also a problem many people make.

Another wise tip to couples who may wish to create prenups is to make sure that all clauses are reasonable. Do not use a marital contract to outline when a mother-in-law or other family member may or may not visit.

Finally, it is always recommended to seek experienced legal counsel when developing a prenuptial agreement. Separate attorneys will be needed for each spouse.