There are an increasing number of blended families in the United States. Many couples, with children from previous relationships, are deciding to take another walk down the aisle.
These families have diverse financial obligations, which can quickly begin to cause tension. A prenuptial agreement can provide clarity.
Your children’s financial security
Some people believe that prenuptial agreements are for very wealthy individuals. Or they might feel that such an agreement is preparing for divorce before the marriage begins. The truth is that every couple should have some sort of prenup that lays out how income and debts should be handled, along with ensuring both parties maintain their assets, no matter what may happen in the future.
For people with children from a previous relationship, a prenuptial agreement is crucial to protecting the children’s future financial security and ensuring certain assets remain with the family. Without a prenuptial agreement, if you were to pass away without a will, your children could be involved in financial disputes.
According to Michigan’s intestacy laws, your spouse would receive the majority of your estate, thus reducing the amount that would go to your children. That may not have been your intention, but they would have no legal recourse.
If your marriage were to end in a divorce, a prenuptial agreement would also ensure that your personal assets remain separate and not part of the divorce settlement. You can also protect certain retirement funds or a family business that you want to be part of your children’s safety net.
Opening the discussion on prenuptial agreements may be challenging. Still, it’s essential to be honest with your partner about honoring your responsibilities to your children and the new life the two of you will build together.
You will want legal guidance with creating a prenuptial agreement and ensuring it’s legally sound. A poorly drafted prenup can be contested and leave your children vulnerable.