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Prenuptial contracts and other concerns for blended families

On Behalf of | Jun 27, 2017 | Pre- And Post-nuptial Agreements

Romance may be the furthest thing from one’s mind in the aftermath of the end of a marriage, but many Michigan divorced spouses with children choose to remarry people who have also gone through a divorce. Research shows blended families, where one or both partners has children from a previous marriage, are not uncommon. These couples can be more successful with particular attention given to financial matters at the outset.

A central concern for blended families is to what extent each partner’s finances will remain their own. Unlike with first-time marriages, many previously married partners will have significant personal assets and debts. Some people suggest blending finances to some degree compatible with the couple’s shared goals, but the most important part is that both partners share a complete picture of finances.

Couples will also need to review their estate planning documents and at least discuss the matters common to a prenuptial agreement. Such an agreement can help solidify decisions on what property is shared in the marriage and what is held individually. The assistance of Oakland County prenuptial agreement lawyers could be useful in ensuring an agreement is complete and legal.

A bitter divorce complete with fighting over assets and child custody can leave the former partners rethinking the wisdom of foregoing a prenuptial agreement. By making tough decisions and engaging in full disclosure when times are good, a couple may avoid fighting about those same decisions or uncovering nasty surprises during separation or divorce. Premarital contracts may also serve to help a newly married couple organize their financial life and successfully pursue goals together.