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Getting married again? Consider a prenup.

It's never easy going through a divorce. It can be especially difficult when you have a lot of assets. Many people who marry young do not get a prenuptial agreement, because they have a hard time envisioning needing one.

The benefit of a second marriage, however, is that you have the chance to learn from your previous marriage. The divorce rate for second and third marriages is, however, higher, than first marriages. That is why - especially since you have a lot of assets - you need to consider a prenuptial agreement.

What Can A Prenup Protect?

As a business owner, your financial situation can be quite cloudy in the event of a divorce. If you ever use marital assets to benefit your business, you could face a long, costly dispute about control of those assets.

You can use a prenup to:

  • Prevent a dispute over control of your business and any of its related assets
  • Protect your assets for any children you have from prior marriages.
  • Shield you from excessive alimony payments
  • Protect you from taking on your spouse's debts

Remember, you cannot use a prenup to determine child custody or child support payments. Additionally, if you and your spouse agree, you can enter into a postnuptial agreement after your marriage if you ever need to update your arrangements.

Talk To A Lawyer

You should never try to negotiate a prenup on your own. You and your fiancée should each work with an an attorney to negotiate and draft an enforceable agreement.

Do not view the prenup as a guarantee that your marriage will fail. Instead, look at it as a crucial safeguard in case a divorce does occur. You will have peace of mind knowing that control of your business is secure.

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