If you have an adult child who is set to inherit your collected assets in the future, and that adult child is in a serious relationship and may be planning marriage soon, you may be so ecstatic about the upcoming nuptials that you fail to consider that your adult child’s spouse stands to inherit your assets as well.
There are a few ways you can ensure that your life’s work does not fall into the hands of a vengeful ex in-law if the upcoming marriage ends in divorce. The first is something we talk about a lot ”“ the prenuptial agreement.
Convincing Your Adult Child To Get A Prenup
There are a few circumstances where prenups are highly important to consider (although we recommend that every couple thinks about a prenup before tying the knot). Those circumstances are the following:
- When you have a substantially wealthy family
- When your adult child is employed in a family business that you own
- When your adult child has children from a previous marriage or relationship
- When you have gifted significant assets to your adult child in the past
If any of the above is true, be sure to convey to your son or daughter the importance of a prenup to protect any current and future assets, including those that the adult child would inherit from you in the future.
If your son or daughter says no to the prenup (we get it ”“ it’s an awkward conversation to have with a spouse-to-be), you have another option to ensure that your assets are divided the way you want: creating a trust. We’ll go in depth on that subject this Wednesday.
