When your child or grandchild announces that he or she is getting married, your first thought is probably not that it will not last. You know the statistics about how many marriages end in divorce, but you do not think that will be the case for your loved one, or at least you hope it is not.
However, the truth is that divorce is always a good possibility.
It is so much so that parents and grandparents would be wise to review their estate plans and help protect against the possibility.
This was the recommendation of the Wills, Trusts & Estate Prof Blog in “They’re Engaged!…Top 5 Financial Considerations Before the Wedding.”
According to the blog, you should review your estate plan and any gifting plans to protect your generosity. Make sure that the divorce of your child or grandchild does not result in the assets you have given, ending up in the hands of an ex-spouse.
You do not have to make such arrangements, but most people prefer it that way.
To do this, you are going to need to sit down with your elder law attorney, since you will need expertise with someone who knows estate law well.
You may also need to get some advice from a divorce lawyer in the state where your child or grandchild lives, in order to understand marital property laws and divorce in that state. Your elder law attorney can also look those laws up and get advice as needed.
A child or grandchild getting married is a happy time and something to celebrate. However, make sure that you think about the possibility of problems down the road, even if he or she does not.
Reference: Wills, Trusts & Estates Prof Blog (July 27, 2017) “They’re Engaged!…Top 5 Financial Considerations Before the Wedding.”