When couples negotiate prenuptial agreements, they have the opportunity to take a practical look at many issues that will be the foundation for their marriages. This is why each Minneapolis prenuptial agreement lawyer at our firm often recommends the process of creating a legal contract prior to marriage as an important first step toward developing a lasting relationship.
Life may seem unfettered when young couples walk down the aisle for the first time, but this is certainly not the case when even one party of a marriage has gone through the process more than once. The process of collecting information alone can bring a level of realism into focus to strengthen new marital relationships for years to come.
Parties of Second Marriages Must Consider Issues From Prior Ones
Prior divorces teach many important lessons that can help individuals have greater success the second time around. However, few divorces are truly final. Any number of issues can remain to complicate future marriages, such as the following:
- Children from prior marriages are often the most significant factor. They have financial interests that couples must consider when remarrying.
- Financial relationships with exes can continue, particularly when retirement account proceeds must be shared.
- Inheritance issues are often not considered. In rare instances; both spouses may choose to waive inheritance rights, but when one spouse dies, these issues can become very complex and open to painful contests between the surviving spouse and countless relatives of the decedent.
- Family business interests, which are likely to involve numerous complex issues in second marriages, can create a multifaceted set of financial issues in the event of divorce.
Issues like these can be compounded when both parties are entering into a second marriage — or when even one is entering into a third or fourth marriage.
Prenuptial Agreements Are Not Legally Mandated, But They Can Reveal Vital Information
The MN statute covering prenuptial (or antenuptial) and postnuptial contracts serves to help ensure that these agreements are fair to both parties. However, no law requires engaged couples to enter into these contracts.
Still, our Minnesota prenuptial agreement attorneys recommend that couples strongly consider drafting these contracts, especially when one or both parties have been previously married. In addition to providing important protections in the event of divorce, the negotiation process forces couples to look at and share information that they may never have considered. Many couples believe that the process actually helped to strengthen their marriages by bringing information out of the shadows.
To learn more about the “why and how” behind entering into premarital agreements, call us at (763) 783-5146 or use our convenient contact form.