Making Blended Families Work with a Prenup
Prenuptial agreements are more than just plot points in your favorite dramas or lyrics in your favorite Kanye West song. They may have a “bad” reputation in the media, but in real life, they could be your answer to finding stability.
A prenuptial agreement is a legal contract that can be drawn up before a marriage that outlines what will happen to a couple’s finances and property should the relationship come to an end. This document can also work as a safeguard for blended families.
A Second Chance
It’s no secret that divorce is actually pretty common in America. Sometimes marriages or civil unions don’t work out, and divorce is simply the best option. But the second time around, you have more knowledge of what you might be getting into…
You know that divorce can end in alimony or child support payments. Getting remarried can complicate this, especially if your new spouse has children and an ex as well. So signing up for a premarital agreement is a great way to protect yourself (and your partner!) financially.
How Prenups Can Help Blended Families
A prenup allows you to allocate where the money goes. For example, you can ensure that any assets (such as houses) or inheritances go to your child in a time of emergency. This contract can even include a college fund for your child. Similarly, your spouse can do the same.
In addition, prenups can be written to protect your spouse from your debts. Conversely, your spouse can protect you from the debts that he or she has incurred over time, and prevent them from impacting you.
This prevents either of you from paying someone else’s bills.
Tips for Premarital Success
Premarital agreements don’t have to be a bad thing. It’s a popular misconception that one person ends up being taken advantage of or ends up with nothing. It does not need to be this way.
For this process to run smoothly, you should be mindful of these tips:
- Communicate openly. Speak with your partner about what assets and properties you wish to keep separate and which you wish to join. Be honest about debts or alimony.
- Speak with an experienced attorney. To make a prenup that holds up in court, an attorney is necessary.
Working through a premarital agreement can be stressful. You will need an experienced lawyer who understands the emotional component of this situation. The Law Offices of Sheryl R. Rentz, P.C., can help. For a free initial consultation, call us at (610) 645-0100.