Second marriages typically involve older people who have accumulated assets and often have children. These variables raise concerns about retirement and estate planning if the new marriage ends in divorce or death of a spouse. Many approaches to estate planning in Indiana, in conjunction with a prenuptial agreement, can ease worries between newly engaged partners and decrease the likelihood of future disputes. Although you may anticipate many happy years together with your new spouse, multiple reasons warrant the documentation of your wishes about your marital assets and estate as a whole.
- Imbalances in Retirement Savings
When people of retirement age enter marriage, they might not have much opportunity to accumulate marital assets together. What they bring to the table in retirement savings represents their individual assets, but a significant difference in savings between the spouses could leave one spouse with very little in the event of a divorce. Westfield lawyers at Webster & Garino can research and develop prenuptial terms that spell out an equitable settlement that limits hardship. This plan can also address what happens should the well-funded spouse die during the marriage.
- Payment of Household Expenses
A formal agreement that specifies how you and your partner will manage household expenses can prevent money arguments in marriage. You could designate terms such as an equal division of expenses or divide them in proportion to income.
- Provide Support for a Surviving Spouse
Spouses typically have a strong desire to ensure the comfort of a surviving spouse. In this situation, your prenuptial agreement can dovetail with your estate plan. A lawyer who practices estate planning in Indiana can advise you about supporting a surviving spouse and leaving an inheritance to your children. A credit shelter or QTIP trust can fund a spouse through his or her later years and then upon a spouse’s death, leave the remainder to your children or other heirs.
- Inheritance for Children From Previous Relationship
An estate plan that includes your children will perform best when you cite as many details as possible. You should strive to document all personal property that you want your children to receive in addition to financial accounts. Your prenuptial agreement can refer to your estate plan to enforce your wishes should disputes develop between your children and surviving spouse. The prenuptial agreement may also direct the parties into mediation or arbitration during disputes in the hopes of preventing litigation.
You can consult local Westfield lawyers at Webster & Garino to gain answers about prenuptial agreements and estate planning. A detailed prenuptial agreement could let you enter marriage with greater peace of mind. Call our office at (317) 565-1818 today.
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