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Avoiding a Financial Catastrophe From a Failed Second Marriage

February 6, 2015

Filed under: Estate Planning — Laura Pennington @ 9:00 am

Second marriages can be rewarding and fulfilling, but they can also introduce a whole new spectrum of financial problems if they don’t work out. Thankfully, in combination with pre-nuptial and post-nuptial agreements, estate planning can help to plan ahead just in case. Unfortunately, with second marriages facing a divorce rate of more than 60 percent, those getting married for the second time should definitely consider what to put in place to protect themselves. canstockphoto0200740

The benefit of using estate planning tools in a second marriage is that even if the marriage is successful, it will end at death. In a second marriage, this can make for some tense moments between adult children and the second spouse if estate planning hasn’t factored in these concerns. The new spouse, for example, may want to have stable living arrangements, but children from the first marriage may expect that they’ll be receiving property from their deceased parent.

One such solution to make everyone happy is known as giving the surviving spouse the “right of occupancy” in the house that the couple shared. A will or trust can do this and it gives the second spouse the chance to live in the house for a fixed number of years, until he or she passes away, or until he or she voluntarily departs. This may be important for second marriages because it addresses the short term concerns of the surviving spouse while ultimately giving the property rights to the children from the first marriage. Incorporating this into an estate plan reduces the chances that further litigation will make the situation more complicated. Reach out to us for advice on protecting and planning for the future at info@lawesq.net.

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