Marriageis a tricky institution, enough so to feed a thriving business for therapistsand prime-time sitcoms alike. Re-marriage can be even trickier, especially whenit comes to your estate planning. If you are considering re-marriage, you maybe well advised to also consider a prenuptial agreement. Though it may not seemthe most romantic gesture, a prenuptial agreement is simply an honestdisclosure of both partiesâ€™ assets and agreement as to their distributionshould the union dissolve, or at the death of either spouse. Enter re-marriagewithout one at your own risk â€“ or that of your estate. As recently highlightedon the ElderLawAnswerswebsite,without a prenuptial agreement, your new spouse could invalidate your existingestate plan.
Forexample, suppose you and your new spouse each have children from a previousmarriage. You intend for your house to pass to your children, but withoutproper planning and a prenuptial agreement in place, your new spouse couldinherit your house and then pass it on to her children when she dies.Disinheriting your own children probably was not your plan.
Youâ€™llneed to follow special protocol to ensure your prenuptial agreement is valid,to include that it must be in writing, signed without pressure on either party,both spouses must read and understand the agreement, disclosures must becomplete and completely honest, and the agreement cannot be grossly unfair orcontain illegal provisions (such as a modification to child supportobligations).
Ifyou are already re-married and did not sign a prenuptial agreement, it may notbe too late for you and your spouse to resolve these issues with a post-nuptialagreement.
For more information on this and otherestate planning subjects, contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.