At Geyer Law, we highly advise people entering into a second marriage to consider using a premarital or prenuptial agreement. Not only will that enable them to pass assets to children from a prior marriage (or to retain assets should the marriage end), there are many other details that are best handled through a well-thought out and properly drafted agreement that specifies:
- how debts will be handled (upon separation, divorce, or death)
- how spousal maintenance (for an ex-spouse or this one) will be handled
- how medical and long term care costs not covered by insurance will be handled
- how funeral costs will be handled
As estate planning attorneys, we strongly agree. The very process of discussing the points to be covered in the prenuptial agreement document forces the couple to get to know each other better and to think about how they plan to handle life together.
Each partner must consider his/her own general attitudes towards money, including spending and savings habits, as well as accepting that the other partner’s goals and attitudes may differ. The goal is not to have the same views, says Abbott Downer, but to come to a place of understanding, empathy, and agreement regarding how differences will be addressed.
Negotiate lovingly is the advice, focusing on “the value of agreeing in advance to financial guidelines that will serve you for many years to come”.
Prenuptial agreements avoid those messy issues that tend to develop upon death!