Are you one of the many Ohio residents who is getting married for the second or even third time? Whether your prior marriage ended by divorce or death, your long-term plans may still need to be thought about differently with your new marriage. This can be especially so if you, your future spouse or both of you have children from your prior marriages. If you have new children together, that may provide yet another complication.
Fidelity explains that one concern for remarried couples may be how to adequately keep certain assets secure for each spouse’s biological children. Your children will have a deeper level of care when it comes to your mother’s china dishes than your new stepchildren might, especially if the kids are older when you get married. A solid estate plan can help you and your new spouse identify who should receive what so as to minimize the risk of problems when it comes time to dole out these heirlooms.
Also a concern may be what happens to certain assets when one of you dies first. Some couples may want to provide for their spouses before their children if the children are adults and self-sufficient and leave remaining assets to kids after both spouses die. Other people make the choice to have the kids inherit things first. There is no right or wrong, only what you wish and it is important that you discuss these things and put them in writing.
If you would like to learn more about estate planning when getting married for the second or subsequent time, please feel free to visit the remarriage plan page of our Ohio family law and estate planning website.