Most Houston estate planning attorneys will tell you that the work they do often has the biggest effect on women. That is not to say that estate planning is not important for everyone, rather that women are more often the ones who deal with the repercussions. There are plenty of reasons for this, but one of the most obvious is the fact that women typically live longer than men. Not only are women more likely to inherit their spouse’s estate, but they are also the ones who are going to have a final say in how those assets are used when they themselves pass away.
It makes sense that Houston prenuptial lawyers see a lot of clients who are heading into their second marriages. After a divorce, the implications of what really happens are so much clearer than they were the first time around. Love does not always last, and the financial implications of ending a relationship can be devastating.
It makes sense that prenuptial lawyers see a lot of clients who are heading into their second marriages. After a divorce, the implications of what really happens are so much clearer than they were the first time around. Love does not always last, and the financial implications of ending a relationship can be devastating.
Reasons to Consider a Prenup in a Second Marriage
Not only is a divorced person more aware of the financial headache that comes along with ending a marriage, they are also more in tune with the fact that finances can contribute to the desire for a divorce. For that reason, the need for a prenuptial agreement that outlines the use of money during the marriage can play an important role in keeping things on track the second time around.
Rather than only focusing on who gets what in the event of a divorce, the prenuptial lawyer can also help craft the document so that it lays out the way the couple agrees to approach certain subjects throughout the marriage. A big one is how money will be handled by the couple. Who is in charge of paying the bills? What are the couple’s goals for saving and retirement? Are there considerations that need to be made before making a large purchase? By being on the same page regarding these topics at the onset of the marriage, it is possible to get your priorities aligned and to stick to the plan.
Second marriages often result in blended families, too. Whether the partners have adult children from a previous relationship or they will be caring together for minor step-children, the prenup can help to protect everyone involved should one partner pass away. For example, a mother may intend for the home she bought before the marriage to be passed on to her children, but she also wants her new husband to be able to live out the remainder of his days in the house. The prenuptial lawyer can refer to the laws of Texas to help create a “right of occupancy” for the surviving spouse.
Prenup as Part of the Estate Plan
A prenuptial agreement can wield a lot of power, but it is not necessarily a replacement for other estate planning. Wills and trusts come into play when looking at inheritance, so the prenup is more of a starting point than an ending point when it comes to laying out your longest-term plans. By working with a skilled Houston prenuptial lawyer, you can create a legally-binding agreement for how you want your marriage to look, and what needs to happen should it end in divorce. You can even have some influence in what happens after your death through the prenup. That said it is a good idea to build on the cooperation that goes into putting it together to continue your estate planning on the next level.
The importance of protecting assets through trust can’t be overstated. We’ve often written about this in the context of the value trust creation delivers in terms of providing a tax shelter and also allowing beneficiaries to avoid the hassle of having the assets tied up in probate after the grantor’s death.