Experience and assets are two things most people have more of when embarking on a second marriage than when they start their first. You likely have retirement plans, investment portfolios and possibly children from a previous relationship. Although getting married in Florida offers a fresh start in many ways, the financial stakes may also be higher.
According to SmartAsset, a prenuptial agreement can help reduce litigation costs if you divorce while addressing the needs of you and your partner. Drafting and signing the document several weeks to months before the ceremony can help avoid legitimacy questions later.
Transparent finances
Money issues are among the most common reason for marital disputes. Making your partner aware of your financial situations and learning theirs can help you both plan for the future and establish trust. The concerns a premarital agreement may address include the following:
- Balancing the needs of your children with that of your new spouse
- Supporting your current relationship through old age
- Leaving assets to children of a previous relationship if the new marriage is intact
- Determining asset distribution of the marriage fails
Preparing for a divorce before you even get married may sound depressing. However, if you decide that divorce is the best solution in a few years, the prenuptial agreement can help smooth the process.
Financial partnership
A marriage is legally binding, which means it has financial implications. If you own a business and it appreciates during your union, it could increase contention in an already tense situation. By addressing it in the premarital agreement, you can ensure you can maintain ownership or leave it to your children if you divorce.
Defining marital and separate property before the ceremony can help you avoid litigation, reducing the cost of your divorce. It can also help you and your spouse feel protected, as it can streamline the property division process and minimize the overall divorce costs.