Estate Planning for a Second Marriage

2nd marriageWhen entering into a subsequent marriage, it is wise to execute a prenuptial agreement. This not only lays out the details of asset allocation in the event of divorce, but even more importantly, it determines how your estate will be distributed if one spouse dies.

Your previous estate plan will need to be revisited and revised pursuant to the subsequent marriage. Creating the prenuptial agreement should be part of the process. There are two ways to go about drafting the terms of the prenuptial agreement. The first method is for each spouse to hire two separate attorneys to negotiate on each’s behalf until an agreement is reached and finalized.

The second method, which may minimize expenses, is to develop the prenuptial agreement through a mediator. Using this method is an attempt to cooperate in order to resolve any financial and legal issues that may arise in connection with your new marriage. By choosing mediation you save money and often find the process less adversarial, but keep in mind that you also give up the advantage of both parties having independent and confidential legal advice.

Contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area if you are entering into a subsequent marriage to determine the best way to go about protecting your financial and legal rights.