Marrying for a second time can be an exciting and hopeful time for divorcees in Colorado, but caution is still advisable. Many individuals who go on to marry for a second time already have children from a prior relationship, and watching out for their best interests is often the number one priority for remarrying parents. A proper asset valuation and prenuptial agreement can be one of the best ways to address how certain assets should be used or transferred for a child’s benefit.
A large number of Americans lack a proper estate plan, and when an individual without a will or any legal instructions dies, his or her assets are typically transferred to a surviving spouse. This might make sense to some, but a parent may have intended for the assets to be passed on to his or her children after death. A prenuptial agreement can outline which assets are to be left to children, and it can also make sure that both parties understand those wishes.
Parents who failed to sign a prenuptial agreement or who did not address their children in an existing agreement still have the opportunity to do so. Postnuptial agreements are becoming increasingly popular and can be signed after saying “I do.” Prenups can be amended as well, although both parties are required to be involved in the process.
Virtually no parent wants to inadvertently leave their children without the assets that were specifically set aside for them, but a lack of planning or proper asset valuation could do just that. Before entering into a second marriage, Colorado parents should consider what they believe to be in the best interest of their children. These interests can be discussed with a soon-to-be spouse before being outlined in a prenuptial agreement that both parties find agreeable and fair.
Source: The Huffington Post, “Everything You Need To Know About Prenups“, Ivy Jacobson, June 1, 2015