When you’re ready to say “I do” again, your heart might be full of love for your new partner. However, if you have children from a previous marriage, then you know that they must always come first.
Your children need protection and security. Illinois law gives you several ways to secure their future. It matters a great deal for you to understand how you can achieve this.
Draft a solid prenuptial agreement
Before you walk down the aisle, sit down with a lawyer and create a prenuptial agreement. This document protects assets you want to pass to your children. In Illinois, prenups are enforceable when both parties have legal representation and full financial disclosure.
You can specify which assets remain separate property. This means your house, savings account or family heirlooms that you wish to stay with your kids. However, this does not include assets you acquire with your new spouse..
Update your will right away
Your old will might not reflect your new life situation. Illinois law could give your new spouse rights to your estate that you didn’t intend. Update your will to clearly state what goes to your children.
Consider creating a trust for your kids. Trusts offer more protection than simple wills because they’re harder to contest. You can set conditions for when your children receive their inheritance.
Review beneficiary designations
Check your life insurance policies, retirement accounts and bank accounts. Many people forget to update beneficiaries after major life changes. If your ex-spouse is still listed, your new marriage could create legal complications.
Name your children as primary beneficiaries or set up a trust as the beneficiary. This ensures your kids get what you intended.
Consider life insurance needs
Your financial obligations change when you remarry. You might need additional life insurance to cover both your new spouse and your children’s needs. Term life insurance can be affordable and provides the coverage your family needs.
Talk to your new partner
Open conversations prevent future problems. Discuss your intentions with your future spouse. Most caring partners understand your desire to provide for your children.
Your kids deserve security. Knowing they will be okay will also give you peace. Take these steps now and protect everyone you love.
