If you have been divorced, you may be excited and yet anxious when your child decides to marry. You may be happy that she has found love, but you may also be painfully aware of the difficulties she may encounter if the marriage ends in divorce. How to protect your child from a possible divorce while still showing excitement for the marriage and welcoming her fiancé into your family can be a difficult balance.
Raising the issue of a prenuptial agreement is not an easy discussion, and should not be had right after the engagement is announced. Ideally the discussion was had many years ago. By the time the happy couple decides to wed, your child should already know that she needs a prenuptial agreement.
I tell my clients to talk to your kids about prenups around the time they start dating, or when they start to get serious with someone. The earlier you talk to kids about prenups, the better. If you wait until the wedding plans are announced, your child may be reluctant and the fiancé may be offended. It may cause your relationship with your daughter or son-in-law to start out on a sour note.
Talking … Keep reading
With wedding season just around the corner, here is a primer on what a pre-nuptial agreement can and cannot do for you:
What a prenup is:
A prenuptial agreement is a private agreement between a couple signed before they get married which sets forth the division of their assets in the event of divorce and death. Each state has its own laws regarding the enforcement and validity of prenuptial agreements. Which state’s law to apply depends on where the marriage will take place, where the couple will live during the marriage, and what state law the agreement says to apply.
In most states, the agreement has to be fair, the parties have to fully disclose their assets, and each party needs to have their own attorney.
The idea of fairness depends on the unique facts and circumstances surrounding each couple. Would it be fair if after 20 years of marriage, the “poorer” spouse walked away with only the small amount of cash she brought into the marriage and no alimony? Probably not, particularly if she was a stay at home parent raising the children. It is to the “wealthier” spouse’s advantage to give the agreement … Keep reading
Divorce attorneys saw a wave of divorces last year due to the changes in the tax laws that took effect on January 1, 2019. If you were one of the masses whose divorce was finalized in 2018, now is the time to revise your estate plan. Here are the issues you should discuss with your lawyer:
- Make sure your estate planning attorney has a copy of your Divorce Agreement. Your attorney will need to know what obligations you have to your ex-spouse in the event of your death.
- Update your Health Care Proxy. The health care proxy allows you to name someone to make health care decisions for you if, for instance, you were in a car accident or had a health emergency and were unable to communicate. You may want to name an adult child, a friend, or another relative.
- Update your Power of Attorney. If you had an old power of attorney naming your ex-spouse, that should be revoked. You should also execute a new power of attorney naming a friend, relative or trusted advisor to act as your agent regarding your finances and assets.
- Update your Will and Trust. Remove the provisions for your ex-spouse, and
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