Postnuptial agreement to protect children from a previous relationship?

By MaritalMediation Staff on February 5, 2011

Lynn Brenner has been a personal finance columnist and business reporter for more than 20 years. She recently wrote an insightful column about prenuptial and postnuptial agreements for a marriage where one spouse has children from a previous relationship.

Question:

My partner and I are in our late 50s, and have been together for 4 years. We plan to be together for the rest of our lives, but we’re wondering what the ramifications of marriage would be on finances.

I’m especially concerned about my home, which is solely in my name and will be paid off in a few years. If we were married and my husband needed long-term nursing home care, would my home be an asset that might be lost? I seem to remember when my grandmother went into a nursing home in her final years, they required that her home be surrendered as payment. We have agreed that my home will eventually go to my children. I don’t want to risk losing it.

Are there any other financial pros or cons we should be aware of when considering whether or not to legally tie the knot?

Answer:

You don’t just need legal advice on how to protect your house in the event that either of you needs long-term care. You also need to put your agreement that your kids will ultimately inherit the house in writing — not because you distrust your partner, but because state law will supercede your agreement unless it’s in a legal contract.

Your marriage is a unique relationship that you create together. But it’s also a legal partnership with rights and obligations regulated by the government…

…A good prenuptial or postnuptial agreement protects your spouse as well as your kids. In your case, for example, your agreement could say that your children will inherit your house when you die, but that your husband will have the right to continue living there for his lifetime if he survives you. (If so, the agreement should also spell out who will be responsible for the cost of maintenance and capital improvements to the house while your surviving spouse lives there.)

Read the entire article.

Categories: Marriage, News, Postnuptial agreements