When you think about marriage you may envision two fresh-faced and idealistic young people who are head over heels in love with one another. Neither party has had the opportunity to accumulate any significant financial resources but the hopes are high for future success as partners in life.
Under this scenario a prenuptial agreement may seem unnecessary and even kind of cold. The truth is, a prenuptial agreement may not be appropriate for young couples entering into their first marriage.
However, this simplistic scenario does not apply to every marriage. Four or five out of every 10 first marriages end in divorce, and the likelihood of divorce rises as you remarry.
So, if you are entering into a second or third marriage as a parent who is in possession of a healthy store of financial assets, you may well want to consider having a prenuptial agreement drawn up.
You can still make sure that your partner is provided for in the event of your death while protecting your children’s interests through the creation of a qualified terminable interest property trust. With a QTIP, your spouse benefits while he or she is alive but your children ultimately inherit the trust after the death of your spouse.
If you are considering remarriage it is definitely a good idea to discuss some of the details with a licensed professional. Should you be interested in doing so, take action right now to arrange for an informative consultation with a Covington KY-area estate planning lawyer.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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