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Remarriage Protection in Estate Planning

For those who are divorcees and considering remarriage, estate planning can provide a safe and secure way to protect one another’s assets. By creating a prenuptial agreement alongside other estate planning documents, spouses can also decide how assets should be distributed among both sides of their new family. People who choose to remarry often have significantly more assets than in their first marriage, so the protection of these assets is crucial.

How Does a Prenuptial Agreement Work?

It’s a common misconception that a prenuptial agreement keeps all of the property separated between spouses. While this can be done, it’s not the only thing that an agreement can do for you. Spouses can decide on what should happen to each other’s property upon death, whether or not they have the right to specific pieces of property, and even establish alimony for one another. Postnuptial agreements are also available for couples who have already married and can provide all of the same benefits.

Your estate plan should also be updated to account for a new marriage and prenuptial agreement. While the prenuptial can manage how property is distributed between a married couple, a will or trust can determine how the property that is retained should be distributed to other loved ones. This can be in any manner that you like, including passing down assets to family members of your spouse’s side. 

A common issue in remarried couples without a comprehensive estate plan is that the assets of a deceased spouse are often transferred to their surviving spouse, instead of their children. Without a plan in place, assets will have to go through probate. By default, these assets will likely be transferred to the surviving spouse. By making use of a prenuptial agreement, spouses are able to ensure that some of their assets are set aside for their own children, while still providing their surviving spouse with financial security. An estate plan can also provide the benefit of avoiding probate, which can cause conflict in deciding how assets should be distributed, especially in the case of blended families.

If you’re considering remarriage, or want to start your own estate planning to protect your assets for the future, contact Kentucky Estate Planning Law Center today to get started on a plan that meets your needs.

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