Are you aware of the asset planning during your second marriage?
When you think of resettling in life after the failure of first marriage, there are certain considerations to be made.
The high rates of divorce have led to high rate of second marriage as well. People fail in their first marital cord and then they come out of the same. They pause for a while in life and then move ahead and get married to a new person with high hopes of being happy which comes out to be true in significant number of cases.
The challenges of second marriage
When you get married for the second time, you automatically get conscious about a lot many things on emotional front. But, when you may let it be a little loose when it comes to the financial issues.
The second time when a person gets married is more of a legal "complication" than an emotional one.
A few issues arising in the second marriage could be
The issue of asset distribution in the second marriage
There could be a case when a wife is allotted assets by her first husband or viceversa, but due to sudden death of the husband the wife is not inherited the assets, according to the law. And the property instead of being inherited to the widow gets diverted to the adult child.
In the eyes of law
Every state of Canada assures that a spouse is completely not deprived of the inherited property or asset. And she gets at least one third of the complete asset or $50,000 which so ever is higher. There is an exception to this rule too. The life insurance is not included while calculating the asset.
And for all this a written consent from spouse works wonders and protects the surviving spouse.
The fate of housing property
A house is primarily named for a single person in terms of documents. Ideally, when the primary residence holder dies upon then the house should be transferred to the surviving spouse and in case of the death of this person it has to be inherited to the adult child.
But, if the spouse enters into a second marriage then he or she might lose upon this right of owning the house.
The possible solution
It is always advisable that one understand the clauses before entering into the second relationship so that the laws don't hammer the needs.
Summary
Second Marriage always is more complicated than the first one in all possible regards. One has to understand the laws in a more detailed way than the first marriage before tying a nuptial knot. This certainly makes things easier for but the spouses and makes life easier for not only the couples but also the children.
The high rates of divorce have led to high rate of second marriage as well. People fail in their first marital cord and then they come out of the same. They pause for a while in life and then move ahead and get married to a new person with high hopes of being happy which comes out to be true in significant number of cases.
The challenges of second marriage
When you get married for the second time, you automatically get conscious about a lot many things on emotional front. But, when you may let it be a little loose when it comes to the financial issues.
The second time when a person gets married is more of a legal "complication" than an emotional one.
A few issues arising in the second marriage could be
- The responsibility of the children from first marriage.
- The spousal support or alimony you might have to pay to your first spouse.
- The responsibility of the second spouse. And her rights.
- The responsibility of the child of your new spouse.
The issue of asset distribution in the second marriage
There could be a case when a wife is allotted assets by her first husband or viceversa, but due to sudden death of the husband the wife is not inherited the assets, according to the law. And the property instead of being inherited to the widow gets diverted to the adult child.
In the eyes of law
Every state of Canada assures that a spouse is completely not deprived of the inherited property or asset. And she gets at least one third of the complete asset or $50,000 which so ever is higher. There is an exception to this rule too. The life insurance is not included while calculating the asset.
And for all this a written consent from spouse works wonders and protects the surviving spouse.
The fate of housing property
A house is primarily named for a single person in terms of documents. Ideally, when the primary residence holder dies upon then the house should be transferred to the surviving spouse and in case of the death of this person it has to be inherited to the adult child.
But, if the spouse enters into a second marriage then he or she might lose upon this right of owning the house.
The possible solution
It is always advisable that one understand the clauses before entering into the second relationship so that the laws don't hammer the needs.
Summary
Second Marriage always is more complicated than the first one in all possible regards. One has to understand the laws in a more detailed way than the first marriage before tying a nuptial knot. This certainly makes things easier for but the spouses and makes life easier for not only the couples but also the children.
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