The decision to remarry is often entered into with greater trepidation than a first marriage. There may be many more financial aspects that need to be considered before a couple is ready to enter into a new relationship, especially in light of a future divorce. Texas residents who are preparing to remarry will likely benefit from preparing a prenuptial agreement.
If a couple has children from a previous relationship, there are several issues that a prenup could address. Each party may wish to include how insurance polices and beneficiaries will be handled within these contracts. Along with a prenup, it is recommended that the future spouses develop a household budget that will include such things as how alimony or child support will be paid. Partners are advised to decide how credit will be handled and whether the other party will be permitted access to the other’s credit accounts.
It is suggested that all benefits and insurance coverage be reviewed. It may be necessary to increase coverage to a new spouse and children. Furthermore, if either party receives benefits, such as Medicaid or Social Security benefits, a new marriage could impact one’s eligibility. In addition, a new marriage could also affect how much financial aid a student is qualified to receive.
Other factors to consider are estate planning and inheritance wishes. Many of these issues can be addressed through the creation of a prenuptial agreement. These documents can help ensure that children are protected if a marriage ends in divorce. A Texas attorney can help clients prepare for the possibility of a future divorce through the creation of documents that will ensure one’s future financial security.