There are those who correspond the idea of the premarital arrangement with the undermining of true love, however this impression is now starting to soften. The fact is that if all marital unions were first marriages occurring in between 2 young adults with no children and no significant individual properties a prenuptial agreement may undoubtedly seem unneeded. These days, marital relationship is simply not the very same organization that it was in years gone by.
Stats tell us that nearly half of all very first marriages end in divorce, and 3 out of four of these individuals subsequently remarry. In the majority of cases a minimum of one of them had children from a previous marital relationship or marital relationships.
To tack on another appropriate fact, most of 2nd and 3rd marriages do not last. When you absorb the odds, getting in into a remarriage without a prenuptial agreement in location might be irresponsible.
Even if you are certain that “this is the one,” how can you be sure that your brand-new spouse will take care of your kids as you would if you were to be killed in a vehicle mishap a month into the marital relationship? Your spouse’s family may argue that your separate property has been converted to community property.
One way to manage a remarriage with complete integrity from an estate planning perspective is to execute a prenuptial agreement that defines your separate property as you go into the union. You can deal with your estate planning attorney to produce a certified terminable interest property trust, a car that is frequently referred to as a “QTIP” trust.
The method a QTIP trust works is that you money the trust and name your recipients, who would presumably be your kids. If you predecease your spouse she or he gets all of the income from the trust for life and minimal or no access to the principal (you choose), however has no say with regard to inheritance of the balance of principal possessions. When the surviving spouse passes away, your kids presume ownership of the trust properties in accordance with your dreams.