Many individuals in New York who have been married before may now be considering getting remarried. If so, they are not alone. In 2013, around four in 10 of all marriages included one partner who had previously been married, while two in 10 were between individuals who had both been married before, according to a recent Pew Research Center study. Whether getting married for the first time or getting remarried, prenuptial agreements are often figured into the plan.

If either of the individuals has a home or a business — or both — that he or she wishes to pass on to his or her descendants, it is advisable to get a prenuptial agreement. Even if the individual’s intent is just to ensure that he or she can pass on his or her personal assets to his or her descendants, it is worth taking a serious look at obtaining a prenup. If the couple just has an oral agreement or a verbal understanding, neither of these is a legally binding obligation — a properly signed waiver is critical.

Many people think that prenups are only for the wealthy, but this could not be farther from the truth. Many individuals may not feel that the assets they have acquired in life are worth protecting. However, what someone can save in legal fees, angst and so forth is often a tremendous benefit, no matter one’s wealth level.

Most consumers simply do not like to deal with personal legal and financial planning. Whether it is estate plans, prenuptial agreements or anything else, many New York residents think that the process will be difficult and costly, and this prevents them from proceeding further with things that they should be doing. As a result, many choose to consult an expert who can act as competent counsel in order to help them understand their rights and to assist them with the process.

Source: USA Today, “Getting remarried? Get a financial plan first“, Robert Powell, March 12, 2016