Minnesota readers may be interested in knowing how a prenuptial agreement can protect the inheritance of their children from a first marriage if they decide to marry again. more and more people are opting to remarry after the loss of their first spouse or a divorce, complications can arise for their children and other loved ones. Although each state has laws regarding inheritance, many families wish to devise their own estate plan and distribute assets according to their individual situation. Many Minnesota residents do not realize that a prenuptial agreement could be an important element in an estate plan.
Prenups are not only advantageous for safeguarding the rights of children from a prior marriage but also for step-parent’s children or for any children from the second marriage. Moreover, a prenuptial agreement guarantees that no misunderstandings are created among children as it clearly spells out the individual’s rights to the assets.
Prenuptial agreements are one effective way to protect the rights of the different sets of loved ones and to ensure the welfare of the children and the present spouse. It should not be considered a lack of trust or commitment to the current spouse. In fact, prenuptial agreements are almost the same as wills, whereby one can distribute one’s property per one’s own wishes. Similarly, by a prenuptial agreement, one can ensure that one’s personal intentions have been carried out.
In the prenuptial agreement, the husband and wife of the second marriage can declare all their assets and also declare the ownership and succession of their individual property. The couple can make arrangements for each other but provisions can be drawn so that the property ultimately goes to the children from the first marriage. A prenuptial agreement should be used to determine and guarantee the future of the children rather than leaving it to fate to decide.
However, a prenuptial agreement should always be written with state laws in mind. It is a good idea to consult a legal professional to avoid any legal complications.
Source: Intelligencer Journal, “Financial planning for another marriage later in life” Patti Spencer, Nov. 18, 2012