It’s not unusual for people to find their soulmates the second time around. Couples often enter into their second marriage with children from their first one.
And while you love your new spouse and don’t believe anything bad could ever happen between you, it’s important to take steps to ensure your children are protected.
Clearing up prenup misconceptions
Prenuptial agreements are practical, but there are many misconceptions surrounding them. Many people assume that wanting a prenup means you have doubts about your marriage and that it only covers divorce scenarios. However, it also acts as a safety net for your children in the event of your untimely death. While you want to believe that your spouse will ensure your children receive their inheritance, without a prenup, there is the chance that your children will lose the assets you intended for them.
This places your children in a vulnerable position. Assets meant for them could be tied up in disputes or passed on to the heirs of the new spouse. The prenup can detail which assets, such as family heirlooms, real estate, family business or college funds, are reserved for your children. In the event of death or divorce, your children’s financial future won’t be compromised.
Prenuptials are also beneficial for your new spouse. Creating a prenup requires honest conversation and transparency. Both of you will go into the marriage knowing where you both stand, especially regarding assets and liabilities. If you and your spouse do decide to divorce, a prenuptial agreement can clarify what would be part of the financial settlement. This can reduce the risk of disputes over assets or time-consuming legal battles that whittle away your wealth.
Indiana has specific rules regarding prenuptial agreements. It must be entered into voluntarily and without coercion. It doesn’t absolve either party of child support obligations, and it can’t leave one party in financial hardship. Therefore, it’s important to work with someone who can create a document that protects you and your children but is also fair and legally compliant.