Planning for A Second Marriage
May 9, 2019
When a Myrtle Beach couple gets married, they assume their marriage will last forever. There are marriages that last decades, but there are also many that end in divorce. However, even if a person’s first marriage ends in divorce, they often take the chance on a second marriage later on. There are certain estate planning measures that a person should recognize when they get married for a second time.
A second marriage can bring great joy to a person. Whatever they learned in their first marriage can be made new again in a second marriage. Along with the bliss, a couple needs to understand estate planning for second marriages. A marriage automatically gives the new spouse certain rights. Many times, those going into second marriages are financially independent.
A prenuptial agreement may be a good idea to plan out in advance as to what will happen to each person’s assets. If there are children from previous marriages, an estate plan should include what each child is to receive. This is often a disagreement among the children if there isn’t a plan in place. Also, the previous divorce dissolution agreement should be reviewed including any requirements each spouse has to maintain. In addition, the new couple should review how their assets are titled and review the beneficiary designations.
A couple who is planning their second marriage may also want to consider their estate plan as well. It is important for everyone that assets are preserved and plans are in place in order to reduce conflict later. A legal professional who is skilled in estate planning can help their client create a plan for the second stage of their life. They understand that each family is unique and can custom tailor a plan that makes sure a person’s assets are protected and that their wishes will be honored. A second marriage is a wonderful way to begin a new life, and having an estate plan in place can be comforting.
Many Myrtle Beach area residents are considering a second marriage or are in their second marriage. A second marriage can be a blessing for a person, but a couple should also consider the estate planning implications that may result.