Remarriage and Wealth: Protecting Your Children’s Inheritance

When you remarry, you’re hoping that things go better than your previous marriage. You hope you’ve found the one this time, despite an earlier attempt that did not go right. You may be right, or you may be wrong and need divorce again. When that happens, how do you make sure that your children from your first marriage will still have their fair share?

Protecting Your Assets

Utah lawyers recommend asset protection, so that assets that belonged to you before the marriage can remain under sole ownership. It’s best to have everything in order before you remarry, so that the ownership will not be in a contest. Make sure the prenuptial agreement also has everything covered, from any shares and stocks you might have, to ownership of properties and real estate.

Changing Your Will

What if it’s not divorce that ends your marriage, but your untimely death? You want your children to get their inheritance without having to depend on their step-parent. At your earliest convenience, your will should be updated to reflect any changes in your assets and where they will go during the time of your demise. The will should also be updated regularly, such as when you remarry or anytime you wish to make some changes.

Talking to a Legal Guardian

When the children of your first marriage are minors, you need to assign a legal guardian to protect their assets, as stated in your will. When you lose custody of the children, the person who holds full custody may be their guardian, but this does not mean that their inheritance should go to that person’s pockets. Strike up a conversation with your children’s guardian to inform them of the inheritance. It would be best if you have a good relationship with them to protect the assets going to the kids together.

As a parent, the last thing you want is for your children to be robbed of assets that belong to them. Protect them and their assets well in advance.