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If you are planning a second marriage, there are precautions you may want to consider to protect your assets or ensure the interests of your children from a previous marriage.
Protect your Assets
There are two types of assets you may want to protect: marital and non-marital. Assets acquired during the marriage, whether in your name or your spouse’s name, are considered marital assets. Assets acquired before the second marriage or those acquired by inheritance or gift during the marriage are non-marital assets. Non-marital assets are not distributed in the event of a divorce as long as there is sufficient proof the assets are indeed non-marital, and the assets have not been merged with or into marital assets.
To protect your non-marital assets in the event of divorce, here are a few precautionary steps to consider:
Another precautionary step to protect marital assets in the event of divorce is having your attorney draft a prenuptial agreement. A prenuptial agreement allows you and your future spouse to agree on how assets acquired before and during your marriage will be distributed in the event of a divorce. A prenuptial agreement can also address the allocation of alimony or other support, and may allow couples to make a thoughtful decision regarding how property will be divided without the emotional stress and conflict present during divorce.
A prenuptial agreement may also allow you to address the interests of your children from your first marriage. Many people entering into a second marriage have children from a previous marriage and will want to plan for how the second marriage will affect the financial interests of those children. Your prenuptial agreement can protect certain assets for your children such as real property or monetary funds.