Let’s say that you get married and have children. You go on to have a successful career. Then, a snag… you get divorced.
After experiencing the single life for a while you meet someone and things get serious. You decide that you would like to get remarried.
If you have an estate plan in place you are invariably going to want to adjust your plan to reflect your new marital status. However, you may want to look at the broader picture and discuss your long-term financial plan with your estate planning attorney as well.
It can be a sensitive topic to discuss, but it is also the proverbial 600 pound gorilla in the room if you know the facts.
There is an article examining the high failure rate of second and third marriages on the Psychology Today website. The article states that 67% of second marriages wind up ending in divorce. This percentage swells to 73% when you’re talking about third marriages.
If you simply allow your assets to become community property after you get married you’re certainly taking a risk given these statistics.
You may think that you will defy the odds because your relationship is very strong. They usually are in the beginning. Regardless, you have to think that the people who comprise the statistics thought the same thing.
It is possible to make sure that you protect your own interests and those of your children from your first marriage while still making sure that your new spouse is provided for in the event of your passing. You can explore your options by discussing the matter with a licensed estate planning attorney.
Author, President and Founding Attorney
Parman & Easterday