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The importance of a prenuptial agreement in a second marriage

Many Texas spouses will end up committing to a second marriage. Statistics show that 60 percent of those marriages end in divorce. Because a marriage at a later age can involve a greater number of children and a larger amount of savings, it may be advisable for couples to sign a prenuptial agreement.

It may be the intent of a spouse to have his or her family eventually inherit a residence. So, rather than putting the new spouse’s name on the home, it may be wise to only give him or her occupancy rights. This will protect the rights of ownership for the children of the original owner.

It is also crucial for both spouses to be open and honest about their finances before entering into a second marriage. At this advanced age, parents who have secured their children’s student loans may want their new spouses to be aware of their commitments to avoid future arguments. A myriad of second marriages have been known to end because of financial disputes. This issue can potentially be avoided if each spouse knows exactly where both parties stand financially.

With the guidance of financial advisors, beneficiaries on all documents should be updated. An individual who refrains from changing beneficiaries on all applicable documents can run the risk of an ex-spouse inheriting many of his or her assets. A well designed prenuptial agreement can allow the wishes of both spouses to be recorded and eventually honored in the event of a divorce. By protecting the interests of both spouses and their respective children, a Texas couple may have the best opportunity to enjoy a harmonious union.

Source: USA Today, "Remarrying in retirement? Look before you leap", Rodney Brooks, May 20, 2014

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