For almost 40% of Americans looking forward to wedded bliss, it will be a second marriage. According to Pew Research, 64% of previously married men try a second chance at love while 52% of previously married women find another marriage material partner. In many ways, a second marriage can be easier than the first. Some of the advantages of a second marriage can be:
- A better understanding of your priorities in a marriage
- More knowledge of your strengths and weaknesses as a husband or wife
- Greater ability to talk through disagreements, such as handling money matters or parenting questions
Yet, second marriages can bring more complications, particularly for people who bring in children from a previous marriage. As Texas is a community property state, inheritance plans for adult children can go haywire if left unprotected while you merge your finances in a second marriage.
Draw up a prenup
For this reason, many couples embarking on a second marriage in Texas decide to create a prenuptial agreement. Unlike the majority of other states in America, all community assets split evenly between husband and wife in the event of a divorce in Texas. This occurs whether you primarily paid for the asset or not.
The prenuptial agreement cuts down on any headache later because it specifically lists which assets are separate property or items that will not share between spouses in the event of a separation. For example, if you planned to grant a particular home or estate to one of your children from a previous marriage, the prenuptial agreement could outline the ownership and plans for the house.
A prenup offers the practical framework you need to safeguard your previous assets while giving in to the romance of that holiday honeymoon feeling.