Life changes lead to individuals reassessing long-term plans, and many parents want to be sure that family assets are transferred to their children at a later date. Because of this, if you are entering a marriage and already have children from a prior relationship, you may want to consider how to set aside funds for your kids through legal contracts.
The reality is that divorce, if it were to happen, could be devastating to a plan to retain family wealth. Once individual funds become marital assets, they are subject to guidelines under Florida law should the union dissolve. But there are ways to secure an inheritance for your children.
Premarital Agreements and Trusts
Complicated finances and inheritance questions should be addressed before you get married in the state of Florida. It is possible a prenuptial agreement would be advantageous for your family goals. The legal document could include language about how assets would be distributed to children and how property would be handled if the union were to end. Additionally, debt obligations can be outlined.
Some of the reasons to explore your premarital agreement options:
- Asset preservation for the next generation
- Establish ownership of certain properties
- Wanting to keep finances separate while married
- Shield your soon-to-be-spouse from your debts
- Protect assets from court and legal expenses in the event of a divorce
Once you talk through your goals with an attorney, they can inform you of how a prenup could help you or they may recommend you look into trust options.
Trust funds are a useful tool for many families, from the uber wealthy to working parents who have saved and now have an investment account or own substantial property and want those assets to smoothly transfer to their children when they pass away. While there are fees to initially establishing a trust, doing so can save family members stress and expenses later.
Discuss Your Situation with a Florida Family Lawyer
When you remarry, it is a mistake to believe that your resources will still be transferred to your children from another marriage automatically. There are Florida laws in place when it comes to transferring wealth, and making sure the correct legal documents are in place will allow you to make life changes with confidence and peace of mind. Share your concerns with a Tampa family lawyer to begin exploring your legal choices.
What questions do you have about retaining your family wealth during a life change? When there is a marriage, divorce, death, or other change in life circumstances, it can be beneficial to talk to a skilled attorney about what legal documents you have in place and if there are additional contracts to explore.
