Partner
We no longer live in a world where high school sweethearts get married the summer after graduation and stay together for 60 years. Most couples include at least one partner who has been in a serious, long-term relationship before.
There may be parts of you or your soon-to-be spouse’s histories that you would prefer to forget, but there are other things you are proud to carry with you. Things like children from previous relationships, businesses you have built, mortgages, investments, and plans for your future.
This is where marital agreements — called prenuptial or postnupital agreements here in New York — come in handy. These legal documents allow you to outline, in writing, the expectations you and your partner have for your relationship so you can prepare for your future together.
If you are getting ready to walk down the aisle for a second time, the experienced family law team at Aiello & DiFalco LLP is ready to help you craft a pre- or postnuptial agreement that can help you navigate the path ahead.
Marital Agreements Map Out Your Future
A prenuptial or postnupital agreement isn’t something you throw together because you think your marriage is likely to fail. It is instead a map for your future. It lays the foundation for how family members, assets, and debts will be blended together to make this partnership a success.
At Aiello & DiFalco LLP, there area few key issues we encourage anyone who is entering a second (or third) marriage to address in their marital agreement:
- Existing Assets and Debts
- Obligations to Children from Prior Relationships
- Business Interests
- Spousal Support
Proactively discussing these issues with your partner can smooth the road to the altar.
Identifying What Assets and Debts Exist Prior to the Marriage
By the time you’re entering a second marriage, you’ve likely accumulated personal wealth, property, or investments. In a prenup, you can clearly outline what assets will remain separate property following the marriage. This is especially important if you have certain assets you want to pass on to children from a prior relationship.
The same thing goes for debt. If you or your partner owe a significant amount of money to a creditor, it is best to decide if marital assets will go towards paying down that debt, and how it will be treated if you split up.
This transparency helps avoid disputes and ensures both partners are on the same page about their financial plans.
Providing for Children from a Previous Marriage
If you or your soon-to-be-spouse have children from a prior marriage, a prenuptial agreement can protect their financial well-being. Outlining what child support, healthcare, or educational expenses are expected can help you plan for the future. So can identifying any existing assets that will pass to these children in your estate plan.
Protecting Your Business Interests
Business owners must consider how to best protect their company and the people who depend on it. A prenup can ensure the business is treated as separate property going into the marriage. It can also specify how appreciation in value or future contributions to the business will be treated if you end up getting divorced.
Planning for Alimony or Spousal Support
If you’re receiving or paying spousal support — aka alimony — remarriage could impact those arrangements. Acknowledging this, and determining if and what support would look like if your pending marriage ended is never a bad idea.
Dedicated to You & Your Family in Your Time of Need
Embarking on a second marriage is a beautiful opportunity to start fresh with the wisdom gained from your first. But couples trying to blend two lives with two histories into a new partnership can benefit from doing a bit of planning first. A prenuptial agreement tailored to your unique circumstances can provide clarity, protect your loved ones, and strengthen your relationship.
The Aiello & DiFalco team is ready to help facilitate a conversation between you and your future spouse about why a prenup is important and what you both might want to include in one. Contact us today to schedule a consultation.