When you look at the matter of remarriage and prenuptial agreements from a fair-minded and practical standpoint rather than a romantic one you come away with a particular impression.
We have all heard the statistic that is tossed about regarding the divorce rate. It is said that about 50% of marriages end in divorce. Different studies provide slightly different figures, but they are all in this vicinity.
When it comes to getting married after you have already been divorced the statistical probabilities change. According to a very informative article on the Psychology Today website 67% of second marriages ultimately fail.
As the marriages accumulate the odds get worse. Some 73% of third marriages wind up ending in divorce.
If you enter into a second or third marriage with a significant store of financial resources and children from a previous marriage or marriages you are taking quite a risk if you allow your assets to dissolve into community property.
From an estate planning perspective, even if you defy the odds and your marriage lasts, you have to ask yourself where your children would be if you die before your spouse does. Unless you take steps to make sure that your children receive inheritances anything could happen after you pass away.
There are advanced estate planning techniques that can be implemented to address some of these challenges. One of them would be to enter into a prenuptial agreement and subsequently convey assets into a qualified terminable interest property trust.
Given the high remarriage divorce rates it may be a good idea to think things through thoroughly from a sober minded perspective as you contemplate the possibility of entering into a prenuptial agreement.
Mark S. Eghrari, Estate Planning Attorney
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