Premarital agreements and blended families
Many people in California who get married these days have been married before. Whether their first marriage ended via divorce or the death of the other spouse, they may want to take extra care before walking down the aisle a second time, especially if they have children from their first marriage. Many complexities can arise when blending families and one of these includes how a person’s estate is split up after they die. Perhaps surprising to some is that a premarital contract may be highly useful in identifying this.
As AARP explains, a premarital contract is not simply a vehicle by which a person protects themselves in the event of a future divorce. It may also act as a valuable estate planning tool. For a remarried person, there may be a natural desire to provide for their new spouse after death. At the same,time, people generally want to leave something to their children after they die. A prenup can be a great way of identifying what goes to a spouse and what goes to a child.
CNBC adds that while a person may create a will or a trust, these documents do not always spell out a person’s wishes for every belonging or asset they have. In addition, there may be some benefit in having one’s wishes clearly articulated in multiple documents as this may reassert the validity of the direction given.
If a person has minor children when getting remarried, a prenup may offer assistance in ensuring their care if the parent spouse dies prematurely. If the person getting remarried has adult children, a premarital contract may clarify their inheritance.