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New York marital assets: Protecting your child's inheritance

Many people in New York that are divorced have children from their prior marriage. As a parent, many divorcees have provided for their children in the event of their death. When contemplating a second marriage, those same parents may want to make sure the assets they previously pledged to their children don't end up as marital assets in the event of a second divorce.

Two subjects that a couple about to be married may not want to discuss are death and divorce; even if it is a second marriage. However, for couples with children from a prior marriage, it makes sense to deal with possible issues before getting married. A prenuptial agreement could put both parties' minds at ease.

Some couples may think that their spouse would never go against their wishes. That may be true at the time promises are made, but if the marriage doesn't last or one spouse dies, things could get complicated. Making sure children from a prior marriage are protected in either instance may require more than a spoken promise.

When parties sign a prenuptial or post-nuptial agreement waiving their rights to assets that were previously pledged to one spouse's children, there can be no question in the event of divorce or death that those assets are not marital assets. These agreements will stand up in court as long as they are properly drafted and executed. For anyone wanting such an agreement, seeking advice and assistance with the drafting and execution could help to ensure that the agreement is valid and will hold up in any court in New York. The primary duty of any parent is to protect and provide for their children, and a new spouse may have no problem understanding that.

Source: Business Lexington, "Protecting your child's inheritance in a second marriage," Kevin Henry and Doug Martin, Jan. 3, 2013