Many people have the misconception that hiring an attorney to prepare legal documents for your marriage is like preparing for a failure. This is far from the truth. Investing in the foundation for a stable marriage is simply ensuring that you have a plan of action should anything happen to you or your spouse. There is that added bonus as well should that marriage not work out, but no one enters into a marriage with hopes that it will fail.
Red Wagon Law firm understands that marriage is a big ordeal. And although divorce or unexpected tragedies are the last thing a happy couple entering into marriage wants to think about, these are issues that need to be addressed.
Newlywed Planning is not just about creating that infamous premarital agreement, though this is an option. Newlywed Planning is simply another step in the estate planning tree. Some strategies involve setting up separate property trusts to separate properly the assets that he or she has entered the marriage with.
Newlywed Planning is being proactive in your legal and financial keepings. This type of planning opens the doors to discussions on a few hot button topics that a couple might be concern, but too apprehensive otherwise to talk about, and helps bring a mutual understanding and agreement with one another.
The question to now ask is still a socially awkward subject, prenup or not to prenup? Either way, having separate property trusts is important to consider. First, second or more attempts at marriage, you and your spouse would be wise to take a close look at estate planning. Particularly, when you have a “blended family” forming and family assets could be easily confused. Having a detailed estate plan as a result to your Newlywed Planning can save your children a lot of time in legal battles on those sentimental assets when that day does come when you pass.
At the Red Wagon Law firm we are experienced in creating detailed plans for families with children from prior relationships, or if you and your spouse have different beneficiaries. These plans can help eliminate some of those conflicts that may arise with a revocable living trust.