A growing number of children live in households with blended families. According to a 2009 U.S. Census report, nearly 20 percent of kids under the age of 18 are living with step brothers, sisters, mothers and fathers and many have half-siblings too. This is a result of more and more people with children choosing to remarry after divorce.
Increasingly, people who are contemplating remarriage are also seeking prenuptial agreements when deciding to merge two households with multiple sets of children into one. A prenuptial is a contract between two people whose purpose is to determine asset division in the event of a divorce, which becomes even more important when there are children from previous marriages involved.
Asset division can range from personal items or family home to retirement plans. It is important to consider all your assets and determine what will remain separate property, what will be considered marital property and how assets will be apportioned among children who may be his, yours or both if you divorce.
Also important in a remarriage scenario are estate planning arrangements to decide how assets will be handled in the event of a parent’s death. One popular option is an irrevocable trust, which serves a dual purpose of ensuring that certain assets pass to the deceased’s biological children while providing a measure of privacy for the family when compared to a will.
When considering remarriage, give some thought to protecting your and your children’s financial future by using tools such as a prenuptial agreement in the event of a divorce and estate planning products in the event of a parent’s death. Contact an experienced family law attorney to get more information today. The family Law Offices of Ronald L Bell can help you decide what is in the best strategy for you and your family.