Prenuptial agreements can be useful tools in second marriages

Not every couple in Kentucky marries young. Some people are well into their 40's, 50's or 60's when they marry, either for the first time or for a second time or more following a divorce. In fact, remarriage is becoming more prevalent. In 2013, the Pew Research Center reported that four out of 10 marriages were the second or more marriage for at least one of the spouses. This may be due to the rise in divorce rates, meaning more individuals may be seeking remarriage. Moreover, the lifespans of Americans are increasing, giving individuals more time to marry for a second time or more.

While young couples may not have much asset-wise, and, therefore, may choose to combine their assets, older couples may have independently built up significant assets during their lifetimes, or it may be the case that one spouse comes into the marriage with considerably more wealth than the other. In these situations, it can be helpful to have a prenuptial agreement.

A prenuptial agreement can be one way for each spouse to keep their assets separate. This is often done for the benefit of each spouse's children from a previous marriage. Take, for example, the situation in which two individuals with children from previous unions marry. The spouses decided to combine their property and assets, and, while they were married, it worked great. Once the first spouse passed away, all of the couple's property and assets went to the other spouse. However, once the other spouse passed away, they passed everything down to their children from a previous marriage, leaving the first spouse's children with nothing. Situations like this can be avoided by keeping assets separate via a prenuptial agreement.

As you can see, prenuptial agreements do not deserve the negative reputation they sometimes have. In fact, they can be a very useful tool to ensure that both the spouses and their children from a previous marriage are protected financially. Kentucky residents who are marrying for the second time or more may want to work with an attorney to draft a sound prenuptial agreement that meets their needs.