Getting remarried is exciting, but it can be stressful and worrisome if you have children from a previous marriage. To make matters even more challenging, what happens if your new spouse also has children from a previous marriage?
Whether your previous marriage ended in divorce or you were widowed, blending a new family has its challenges and you need to protect yourself and your children (minor or adult). The compassionate and experienced team at Mitchell & Faix can help ensure that the proper protections are put in place when getting remarried.
Review Estate Planning Documents
If you had estate planning documents in place during a previous marriage, you need to update your estate plan.
Consider a Prenuptial Agreement
If you are getting remarried, you should consider creating a prenuptial agreement. This will not only protect you and your assets, but also your children. A prenuptial agreement is a great way to protect the financial assets you bring to the marriage so that your new spouse does not take control of them upon your death, especially if you want the assets to go to your children. The prenuptial agreement governs how assets are distributed at death or divided in divorce.
Keep an Open Line of Communication
It is in your best interest to keep an open line of communication with your new spouse. If you haven’t married yet, but plan to move in together, you should discuss if/how you plan to combine your assets. This discussion should also include whether or not the payment of expenses will provide part ownership in the property, especially if only one of you owns it outright at this time. All of this should be put in a document prepared by an attorney.
It is also important that you discuss your plans on what you want to leave to your own children or any children you might have together. If you only plan to leave assets to your separate children, and not your joint children, you need to express this wish in writing.
