Marrying for the second time brings with it its own set of complications. You need to think carefully about financial planning so that your family wealth stays safe. Family Lawyers are well trained in the nuances of family law and they can warn you of the carious traps that come with a second marital alliance. The complications increase if there are children from the previous marriage.
Use the benefit of QTIP
Most family lawyers advise clients who are remarrying to use a trust like the Qualified Terminable Interest Property (QTIP). This kind of trust allows financial aid to the existing spouse in event of death of one spouse but regains control over assets once the existing spouse also dies. In this way the trust will prevent the assets from moving out of the family and the family wealth will remain intact.
Another way in this trust can work is as follows. Your spouse will get an income (payable every month) from this trust but the main financial assets can be passed on to your kids or any other beneficiaries that you may want to appoint.
How to handle prenuptials
It’s better to enter your second marriage with a predetermined understanding of how your assets ( bank accounts, house and other properties etc ) will be distributed in the event of divorce or demise. This understanding should be legally documented in the form of a prenuptial agreement. As a couple you will retain individual rights over certain assets, inheritance and financial accounts. The prenup agreement usually precedes the dictates of local law.
For these reasons, hiring the family lawyers should be done immediately to help you with your financial planning.
See also: Brisbane Criminal Defence Lawyers