Although prenuptial agreements are always recommended, they are especially important for people who have children from a previous marriage. Find out why, and for more personalized advice regarding your upcoming marriage, call the Mobile office of Coumanis & York at 251-431-7272 or the Daphne office at 251-990-3083.
Protecting Children in the Event of a Parent’s Death
While no one wants to think about a new spouse’s death, it’s a possibility that you should always consider while making big decisions. The fact is that children from a first marriage have a lot to lose if their parent dies while married to someone else.
Alabama is one state that gives significant protection to a spouse when their partner dies. If an individual dies and their spouse is not included in their will, the spurned spouse could fight to gain access to assets that were never meant to be theirs.
Assuming that the decedent wanted their children to inherit their assets, this could put the children through a long, expensive, and painful court battle. Should the children be unsuccessful in protecting their rights to the assets, they could be left without any financial cushion or support.
A clearly written and enforceable prenuptial agreement will specify how assets are meant to be divided should one party pass away during the marriage. This gives both parties peace of mind and can prevent legal issues in the future.
Guarding Assets Should a Second Marriage Fail
You don’t enter a marriage expecting it to end, but divorce is always a possibility. It would be reckless to ignore that possibility by failing to plan for it. If you have children from a previous marriage, you may assume that the assets you brought into your second marriage will be viewed as separate property by the court. This could be true, but you could also end up with an ex-partner who is determined to get their hands on your personal assets during an ugly divorce.
If they successfully convince the court to have your assets treated as marital assets—including the funds and property you may have acquired during your first marriage—you could lose a significant amount of money. This could cut into your children’s inheritance, leave you without enough money to support them, and essentially require you to start over.
Drawing Up a Prenuptial Agreement
What goes into a prenuptial agreement? Some people believe they can simply decide what they want to happen should their marriage end, write it up, and get both parties to sign it. However, it is far more complicated than that.
A prenuptial agreement that is ambiguous or unclear in how assets are to be treated could be thrown out by the courts. Similarly, a prenup that completely ignores one party’s rights and solely benefits the other party is likely to be thrown out for being unfair. Those who take a DIY approach to such an important legal document could be putting their future at risk.
It’s much safer to work with a family law attorney in Mobile or Daphne to ensure that a prenuptial agreement reflects your best interests, protects your children, and is legally enforceable. Don’t wait too long to begin—the other party will need time to review the document and request any changes they need before signing.
Explore Your Options with Coumanis & York
Whether you’re looking into prenuptial or postnuptial agreements, protecting yourself and your children is essential. The team at Coumanis & York is ready to help you as you prepare for this next stage of life. To schedule a consultation now, call our Mobile office at 251-431-7272, call our Daphne office at 251-990-3083, or .