Remarriage is often a double-edged sword. Finding a partner with whom to share one’s life is understandably exciting and romantic, but at the same time, those who have previously been through divorce are rightfully skeptical about the possible pitfalls should the marriage go south. These risks are not only present in the case of a divorce; if a new spouse passes away, or gets very ill, there could be challenges with regard to any power of attorney, future expenses and marital versus separate property. A prenuptial agreement and an estate plan are two things that Texas individuals can consider to protect themselves when deciding to remarry.
Prenuptial agreements, of course, can help to protect individuals’ interests should the marriage end. But experts also note that they can have an equally valuable role in setting expectations prior to marriage, acting as a gateway to important conversations. This can help to make a marriage stronger. Prenups should certainly not be considered a doom and gloom affair, but rather a planning exercise that promotes equity and allows both parties to feel more at ease.
Often, a spouse is automatically considered the beneficiary of finances and property. A spouse may also be considered the main decision-maker if one is incapacitated. Remarried couples, however, may have alternative wishes. Perhaps they want a certain amount of their assets to go to children from a past relationship. Or maybe they have specific succession plans for a business they started long before meeting their spouse. This is why estate planning is critical prior to a remarriage.
Truth be told, the above practices are wise for any couple entering a marriage, even for the first time. However, in a remarriage, where both parties may have more assets and likely are further along in life, these considerations are even more significant. People can reach out to a Texas attorney for support with any family law questions and concerns.