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Are prenups a good idea for second marriages?

Divorce does not equal the end of a person's love life. A report from CNBC found that in 2013, 40 percent of people who married were marrying for the second time. 

Regardless of which marriage you are on, it is always a good idea to secure a solid prenuptial agreement first. This document is arguably even more important for a second marriage than the first. However, many spouses still forgo prenups because they assume the union will last forever. It is vital for both parties to remain practical and get a prenup prior to a second marriage.

Protect assets you want to pass down to children

Chances are high that if you enter a second marriage, you will be a little older than the average bride and groom. Perhaps you and your former spouse had children in the previous marriage. You should already have a plan in place for how to divide your assets as time goes on, and you may want a good portion to go to the kids. However, if you enter a second marriage without a prenup, then a lot of your money and belongings may go to the former spouse, lowering what you can provide to your children.

Another issue prenups help with is the division of assets upon the person's death. A will and trust are also extremely useful for this, but a prenup helps lay out some boundaries as well. When writing the prenup, you want to make sure all your pertinent assets go in there so there are no disputes between your spouse and children upon your death.

Go over important financial matters

A prenup is simply a good idea so that you take account of all your fiscal matters. For instance, it allows you to see if you still have your former spouse on insurance policies or your will. You can then take the time to fix those documents so they more accurately reflect your current living situation. 

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