When you think about marriage you may envision two fresh-faced and idealistic young people who are head over heels in love with one another. Neither party has had the opportunity to accumulate any significant financial resources but the hopes are high for future success as partners in life.
Under this scenario a prenuptial agreement may seem unnecessary and even kind of cold. The truth is, a prenuptial agreement may not be appropriate for young couples entering into their first marriage.
However, this simplistic scenario does not apply to every marriage. Four or five out of every 10 first marriages end in divorce, and the likelihood of divorce rises as you remarry.
So, if you are entering into a second or third marriage as a parent who is in possession of a healthy store of financial assets, you may well want to consider having a prenuptial agreement drawn up.
You can still make sure that your partner is provided for in the event of your death while protecting your children?s interests through the creation of a qualified terminable interest property trust. With a QTIP, your spouse benefits while he or she is alive but your children ultimately inherit the trust after the death of your spouse.
If you are considering remarriage it is definitely a good idea to discuss some of the details with a licensed professional. Should you be interested in doing so, take action right now to arrange for an informative consultation with a Covington KY-area estate planning lawyer.
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The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.
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