Dividing An Estate Between Your First And Second Marriage
by Veeti Lepisto
Getting married and starting a family means a lot of joy, but just as much responsibility. After a divorce, you may find yourself on act two when it comes to building a family. Creating a second family can be just as rewarding, however, estate planning will become much more difficult. Here are some items to pay attention to when it comes to estate planning.
Determine pensions and retirement accounts with a lawyer
During your divorce, you will have to go through a division of assets. This does not mean that all asset division is complete at the time of divorce. For instance, if you and your first spouse are married for a specific amount of time, they may be eligible for your pension, even after a divorce. Sometimes you can challenge this, but other times the ex-spouses legal entitlement is final. Go over any of your retirement accounts and pensions with an estate attorney to know where they will go in the event of your death.
Outline each child's inheritance
One mistake that can cause a will or estate to be taken to court is the inheritance of the children. It is not enough to simply mention that your children will inherit, even if you wish to grant the children equal amounts of the estate. You must use specific language and name exactly what each child inherits. Often, if there is bickering, children may be asked to perform blood tests and the inheritance of step children can be challenged if no specifics are used. Ask your lawyer how to evenly divide things with undeniable language so that your spouses and children are not left bickering and without estate funds after you have died.
Take special heirloom consideration
Whether your family heirlooms are antique jewelry, furniture, or land, you must pay special attention to how these are doled out. For instance, if you die without listing an heirloom to go to your biological children, this can go to your second spouse. Your second spouse may choose to give the heirloom to their biological children, or if they marry again, to their second spouse! Make sure that heirlooms are properly accounted for. In order to do this, have each of your families create a list of the heirlooms you own with that particular group. Present these lists to your estate planning attorney so that you can leave the proper antiques to the proper persons.
Contact an estate attorney, like Sever Law Office, for more information.
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About Me
Several years ago, one of my best friends married the guy of her dreams. This tall, quiet man adored my friend. Almost every week during their courtship, he presented her with a beautiful, fragrant arrangement of flowers. At the time, my friend’s mom joked that her home resembled a funeral home because of all of the flowers her boyfriend sent her. After the happy pair married, they purchased a new home together and quickly began running out of money, meaning that he could no longer afford to give her the flowers she loved. They even discovered they couldn’t afford to pay the monthly mortgage. After only a few years of marriage, they filed for bankruptcy. On this blog, you will discover the ways a reputable bankruptcy attorney can help you successfully recover from financial ruin.