John, age 60, lost his wife to cancer four years ago. He remarried last year. He now finds that he also has cancer. When he visits his attorney to update his will, he learns that, unless his new wife agrees to a change, his pension plan from work will pass to her in the form of a lifetime annuity and his children will receive none of it.
A prenuptial agreement (also known as a premarital or antenuptial agreement) is a common planning tool that could have solved this problem.
Rarely recommended in first marriages, attorneys routinely recommend them to clients who are embarking on a second marriage as a means of protecting the financial welfare of their children and helping to eliminate friction between the new spouse and the children from the first marriage.
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