If you are planning to get married soon, this is one of the times in life when it is essential to take a look at your estate planning and asset protection matters.
Newlywed Planning: Taking some time now to review these matters before you get married can give you vital protection and help to save you from unpleasant surprises and heartache that might occur if the marriage fails, or if one spouse dies. Given the fact that many are marrying later, and the high number of marriages that end up failing, increasingly people are entering into marriages with considerable assets from years of work. For anyone who has substantial assets when entering into a marriage-whether it’s a first or second marriage– consideration of a premarital or pre-nuptial agreement is highly recommended.
Estate planning/Asset Protection Prior To Marriage
In pre-marital planning, estate planning and asset protection go hand in hand in providing protection of assets and ensuring one’s wishes and objectives are provided for, whether it be to provide for children from an earlier marriage, protect and segregate assets one is bringing into a marriage, provide protection to both spouses, or other important legal or financial matter.
With the divorce rate approaching 60% in California, it is especially important to review all the estate planning, asset protection issues for those about to enter into a second marriage, often with kids from a prior marriage. We advise our clients on the many issues to anticipate and address in these situations, whether it be through creation of trusts or other methods to protect children and assets.