If you are one of the many people in Georgia who is contemplating a remarriage or may who has already gotten married for a second or subsequent time, you know just how hard the pain of a divorce can be. You also know how real the financial impact can be and this time you may have more on the line, especially if you have children from you prior marriage. Just what should you do to protect yourself, your children and your new spouse?
Fidelity Investments explains that estate planning should be a top priority for you. It should not only be thought of as a way of making plans for your estate after you die but also as a way of protecting your family even in the event of another divorce. A prenuptial agreement or a postnuptial agreement can be a valuable complement to other estate planning tools.
You and your new partner should identify all of your assets and debts and start by determining which should remain separate and which will be combined into a marital estate. In this process, you will want to ensure that any legal or contractual obligations you have to your former spouse or existing children are accommodated. For example, it is not uncommon for a divorce decree to stipulate that your former spouse should remain the beneficiary of your 401K plan.
If you would like to learn more about estate planning for a remarriage, please feel free to visit the remarriage asset and debt page of our Georgia family law website.