Many people in Texas choose to marry for a second or third time after a divorce. Of course, financial issues are a significant contributor to marital problems and even separations. People may want to learn from their earlier mistakes when planning for a second marriage. At the same time, people want to form new romantic relationships: 40% of marriages involve people who have been married at least once in the past. In many cases, these are older couples who have also accumulated significant assets of their own over the years.
One Pew Research Study indicated that of previously married people aged 55 to 64, 66% have remarried. This marks a significant spike from approximately 50% in that category 50 years in the past. People in this category particularly may benefit from planning for their financial future before tying the knot. Many of these people are coming to their remarriages with larger assets as well as children from their previous relationships. Many experts advise remarrying couples in this situation to consider a prenuptial agreement. Prenups may be considered unromantic, but people who have already gone through a marriage before may be more open to those steps to help them plan for the future.
A prenuptial agreement can help to define separate and marital property. In addition to helping avoid costly fights during a divorce, it can also lay the framework for estate planning. For example, it can define certain property as separate, and that property can be willed or otherwise bequeathed to the children. The prenup can work together with an estate plan to reflect a comprehensive financial approach.
People who are planning to remarry are generally not planning to divorce again. Still, a family law attorney may provide guidance on developing a prenup that can address a range of financial issues.