Important Considerations before a Second (Or Subsequent) Marriage
Anyone who has been through a difficult divorce, particularly one that involved a contentious battle over property and assets without a prenuptial or postnuptial agreement, will probably think twice before going down that same road. In spite of these discussions sometimes being difficult to have prior to a wedding, it is absolutely necessary to make certain decisions and, arguably, note these decisions in the form of an agreement, before the second time around.
Many young couples who have not acquired many assets yet do not have to think about planning for them. Furthermore, it is uncommon to hear of married couples keeping their bank accounts separate, for example. However, if you are older, and own your own home, retirement fund, and/or other assets, it may actually make more sense to keep your assets separate after marriage.
The next step is, of course, obtaining a prenuptial agreement, which is recommended by many financial experts. It is important to note, without an agreement governing the marriage, Florida courts will split marital property equitably. And what is particularly tricky about second and subsequent marriages is that people are also often typically dealing with a previous spouse and (potentially) children.
According to federal law, if your first marriage lasted 10 years or longer, it is possible for you to obtain a Social Security check based on your ex-spouse’s income. However, if you remarry, you cannot receive this benefit.
If one of you is a saver and the other is a spender, this can cause some serious issues later on. Experts have noted how money issues that crop up in relationships can be determinative, such that looking for a financially responsible partner could be a huge factor before settling down a second time.
The Benefits of Marriage
Marriage does carry certain benefits such as sharing in one partner’s excellent health benefits and the general tax benefits that accompany marriage. In addition, if your partner passes away and you are not married, you are not necessarily entitled to their assets, particularly if their will is contested. This also applies to major medical decisions and who has the right to make them (particularly if there are children from a previous marriage involved).
The Importance of a Valid Prenuptial Agreement
If you are considering entering into a prenuptial agreement, it is important to remember that they are only valid if they are fair (when executed), entered into voluntarily by both parties, and if each party was represented by a (separate) attorney during the drafting or review of the agreement. There are also other important factors to keep in mind for these agreements, all of which necessitate the assistance of an attorney experienced in this area.
Sandra Bonfiglio, P.A.
An experienced family law attorney can be very helpful in navigating the process of a pre or postnuptial agreement, as well as the process of dividing assets during divorce. If you have any questions about any legal issues related to marriage, divorce, and/or family law, contact Sandra Bonfiglio. P.A. in Boca Raton to schedule a consultation and learn about how we can help you.