As we all know a significant percentage of marriages end in divorce these days and when you change your marital status you will invariably have to take care of some details. First of all, it is extremely likely that you are going to want to update your estate plan after you get divorced.
Statistics indicate that about three out of every four people who get divorced ultimately remarry. By this time in many cases one or both of the people entering the union have accumulated significant financial resources on their own. Many of these individuals also have children from previous marriages.
This is where prenuptial agreements enter the picture. There are those who have a particular knee-jerk reaction about these documents. They feel as though it is inappropriate to have an engagement ring in one hand and a contract in another.
In reality, prenuptial agreements are simply practical tools that make a lot of sense for many individuals. You have no way of knowing if the marriage will last even if you are very much in love when you are getting remarried. You also don’t know what your spouse would do with regard to taking care of your children if you didn’t take the matter into your own hands before you remarried.
There are ways to take care of your new spouse adequately while you are protecting the interests of your children, such as the creation of a qualified terminable interest property trust.
Before you remarry, the wise course of action is to sit down and discuss your intentions with a licensed and experienced Hartford CT estate planning lawyer. Your attorney will gain an understanding of your wishes and draw up the appropriate documents for your own well-being as well as that of your new spouse and your children.
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