When it comes to issues of love and marriage, many people are far wiser the second time around. Having gone through failed marriages and divorce, plenty of Florida spouses feel confident that they can put the lessons learned to good use in their next serious relationships. That said, statistics suggest that second marriages have a high rate of divorce. This should give individuals pause about tying the knot without some form of financial protection.
Broaching the subject of a prenuptial agreement can be a tricky proposition. However, the discussion does not have to revolve around the risk of divorce. In many ways, working out the terms of a prenup is a crash course in combining two financial approaches. Since money troubles are a leading cause of marital strife, working out these matters before marriage could be crucial to ensuring a harmonious union.
The process begins by both sides making full disclosures of all incomes, assets and debts. This includes having a frank discussion about how to manage the family’s finances, both now and in the future. At this stage any significant differences in money management styles should become readily apparent. This gives soon-to-be spouses the opportunity to work together to structure a financial approach that suits the needs of both sides.
For those in Florida who have children from previous unions, it is also important to discuss how wealth will be passed down to those children. Many people fail to include this topic in prenup negotiations, thinking that it is an issue that can be dealt with down the line. However, without creating a plan for how assets will be owned and inherited at the onset of a new marriage, things can become very complicated as the years pass.
Crafting a thorough prenuptial agreement is a step that should not be skipped when preparing to enter a second or subsequent marriage. Many Florida residents find that the issue is far less contentious to discuss than they imagined. In most cases, couples who go through the process of negotiating prenups will emerge with far better understandings of how money will be handled during the marriages, which can help avoid future strife over money matters and reduce the risk of divorce.
Source: mysanantonio.com, “Issues to Consider before a Second Marriage“, Paul Premack, Oct. 5, 2015