When we mention pre-marital agreements, the image of a wealthy couple comes to most people’s minds. While it is true that pre-marital agreements are more common when significant wealth is involved, there are other very good reasons for other people to consider these types of legal protection before getting married. One reason might be that you or your future spouse own a business, either independently or as part of a legally recognized partnership or business entity.
If you or your future spouse have previously been married and divorced or widowed, it is especially important to consider pre-marital agreements before tying the knot, particularly if either of you have children from this previous relationship. If the children are currently minors, you may need to consider factors like how you will pay for child support after your new marriage. You may also need to discuss future financial obligations for your children, like paying for college or other investments you might want to make in their long-term well-being.
Even if you children are grown and you are planning a second marriage, inheritance rights are an important consideration that can be addressed through pre-martial agreements. There may be inherited family property or heirlooms to consider. You may also need to look at any life insurance policies that you and your future spouse have and discuss who would receive this money in the event of your untimely death. Another consideration that will need to be factored into any legal agreements is the possibility that you would have future children with your new spouse. This may change the conversation about property and inheritance rights, as well as life insurance payouts.