Using a Prenuptial Agreement to Protect Children from a Previous Marriage

 Posted on November 19, 2021 in Prenuptial Agreement

Although prenuptial agreements are famously used by people with high-worth assets, the truth is that prenups can protect many different people in many different situations. One of the best uses of a prenuptial agreement is when a parent of children from a previous marriage in Illinois wishes to get married again.

Having a well-written, legally enforceable prenup can save a parent’s children and second spouses from fighting over assets in court if the marriage ends in divorce or if the parent passes away. A great prenuptial agreement can bolster a will and trust, and is an important part of financial planning before getting married again.

Using Prenuptial Agreements for a Second Marriage

When a parent dies, it is always a tragedy - but the sadness can be made much worse when a second spouse is fighting over assets or inheritance with children. A great prenuptial agreement that details exactly how belongings, savings, and other assets will be allocated in the event of a parent’s death can save children and second spouses from the time, expense, and heartache of fighting over assets in court. This is also true if the second marriage fails and a couple disagrees about how their assets should be divided.

A prenup can contain almost any strategy dictating how assets will be treated but will often do the following:

• Ensure that children keep all assets that a parent-owned before the second marriage began

• Detail which personal belongings will go to a child and which will go to the spouse

• Determine how savings and retirement accounts will be allocated

• Describe what will happen to a personal or family business

The more detailed a prenuptial agreement is, the better. Recall the prominent case of beloved comedian Robin Williams. He had a well-written estate plan, but he failed to address several personal items - and his third wife and children ended up in court over them. Parents can avoid this by talking to their children about which items are meaningful to them, and including those details in a prenup.

As with any prenup, second spouses should be sure of what the prenup contains, should have their own independent attorney review the agreement, and should be of sound mind when it is signed. Although postnuptial agreements can also be written following a wedding, a second spouse may have less incentive to sign a postnup.

Speak with a Lombard, IL Prenuptial Agreement Attorney

If you are getting remarried and have concerns about how to protect your children financially, schedule a consultation with one of the experienced DuPage County prenuptial agreement attorneys with A. Traub & Associates. We will take your concerns seriously and help you create a prenup that meets your needs. Contact our offices today at 630-426-0196.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087