A prenuptial agreement is essential for any couple, but it is especially important if you or your fiance are bringing children from previous relationships into your new marriage. Prenuptial agreements can help your blended family ensure financial stability and avoid conflict, stress, and uncertainty in the event of divorce or the death of one spouse.
Why Blended Families Need Prenuptial Agreements
In a blended family, one or both spouses have children from a previous relationship. Whether these children are kids, teenagers, or adults, they can impact your new union’s financial situation and time together.
A prenuptial agreement can ensure that you and your future spouse are on the same page about your financial and familial obligations to your respective children. This agreement is a valuable tool for asset protection planning and can help set your marriage up for success.
Creating a prenuptial agreement enables you and your spouse to discuss how any existing financial obligations will impact your marital assets once you become married. It also allows you to address non-financial obligations and how they may play into your marriage.
If one or both of you have children from a previous relationship, you’ll likely be spending money on them, whether you have child support obligations or just want to help out an adult child occasionally. You’ll want to clearly define the terms of these obligations in your prenuptial agreement, including whether there will be limitations on the amount of money spent, where the money will come from, and any other details that you and your fiance feel are important.
Aside from child support, consider whether you and your spouse are bringing any other official or unofficial financial obligations to the marriage, such as:
- Spousal support obligations
- Paying tuition costs for children or grandchildren
- Gifting money to adult children
- Financially supporting parents and other family members
- Paying for an adult child’s wedding
The funds you use to pay these separate financial obligations during your new marriage will likely come from your marital assets. It’s therefore important to discuss whether you will need to repay your spouse in some way for financial obligations you paid during the marriage.
Prenuptial agreements commonly detail monetary obligations. But what about other assumptions, plans, or responsibilities you and your spouse are bringing into your new blended family?
When creating your prenuptial agreement, you and your spouse should discuss in detail any of these obligations that apply to your marriage:
- Parenting schedules: How often will one or both of you be spending time with your children from a previous relationship?
- Holidays: What expectations do you have about where you will spend your holidays? How will you each divide your time to accommodate your blended families?
- Adult children: What promises have you made to your adult children? Will they be living in your home? Are there any concerns about when and how often they use your primary home or your vacation home?
Creating a prenuptial agreement allows you to address and discuss these issues and more and agree on terms prior to your marriage.
Vacca Family Law Group: Enforceable Prenuptial Agreements for Any Family Structure
Are you starting a fresh chapter in your life with a new partner? Do you or your future spouse have children from former relationships?
Vacca Family Law Group regularly creates detailed, legally enforceable prenuptial agreements for blended families. Their dedicated family lawyers can help you create an agreement that addresses all of the unique financial and non-financial obligations of your relationship and set your marriage up for success.