How prenups can help protect children in second marriages

How Prenuptial Agreements Protect Children in a Second Marriage

Entering a second marriage brings its own unique challenges and demands. You may have children from your previous marriage, as well as hard-earned assets and income that you want to keep separate from your new marriage. Of course, a prenuptial agreement can help you protect your assets in the event of a divorce. However, you can also use a prenuptial agreement to keep your children and their futures safe as you explore a new start.

Wondering if a prenuptial agreement is a good choice for your upcoming marriage? The team at Olmstead & Olmstead is here to help. Call our team of Fairfax family law attorneys at 703-361-1555 to set up a consultation now.

Outlining Financial Assets and Debts

First, a prenuptial agreement requires both parties to clearly outline their assets and debts. This proves which assets and debts are preexisting—and therefore separate. This can help you avoid inadvertently absorbing your new spouse’s debt should you divorce, increasing your children’s financial stability. Not only does outlining assets and debts make it easier to keep assets separate, but it also lays the groundwork for a marriage based on honest and transparent communication. This is crucial in blended families, as both spouses may have assets tied to family inheritances or their previous marriages.

Protecting Children’s Inheritance Rights

A strong prenuptial agreement plays a crucial role in protecting your children’s inheritance rights when you are married. Without a prenuptial agreement, assets that are earned during a marriage may be subject to equal division between both spouses in a divorce. This can also come into play if one spouse passes away during the marriage; if assets aren’t accounted for in estate planning or a prenuptial agreement, they may be divided according to Virginia intestacy laws. 

If you pass away with a spouse and descendants who are not shared with that spouse, your spouse inherits one-third of your property. Your children inherit the rest. If that’s not in line with what you would actually like to happen with your assets, you must consider that ahead of time and include it in your prenuptial agreement.

This is especially important if you have big goals and dreams for your children and your income is a crucial part of them reaching those dreams. Determining how assets and income will be split during divorce can ensure that you aren’t left paying for both your children’s needs and your ex-spouse’s needs after a divorce.

Protecting Children from a Messy Divorce

The material benefits of a prenuptial agreement are obvious. It can clearly outline who gets what in the case of a divorce and ensure that your assets from your previous marriage don’t end up with your current spouse. However, a prenuptial agreement can also offer a significant piece of mind. 

No one gets married planning to divorce, especially after going through the pain of divorce once—but no one can predict the future, and it’s important to plan for all potential outcomes. One of the biggest benefits of a prenuptial agreement is its ability to save your children from a painful, messy, drawn-out second divorce. Divorce is expensive, both financially and emotionally. When a prenuptial agreement is in place, many of the key decisions that must be made during a divorce are already spoken for. This streamlines the process and may help shield your children from the fights and battles that may come with divorce.

We understand the difficulties that come with broaching this topic. While some spouses-to-be understand that a prenuptial agreement is essentially an insurance policy, others feel that it is planning for divorce before the marriage has even started. At Olmstead & Olmstead, we understand the importance of protecting your best interests with a prenuptial agreement and approaching the matter in a way that is respectful of your partner. Throughout this process, you can rely on us to be discreet and empathetic.

Considering a Prenup? Call Olmstead & Olmstead Today

If you think a prenuptial agreement could be the right choice for your upcoming marriage, we can help you explore your next steps. Call the team at Olmstead & Olmstead at 703-361-1555 or contact us online to claim your consultation. We’ll help you understand your options and draft a prenuptial agreement that protects your future.

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