Re-Marriage - Edited

[Wi-Mom]

The General Board thought I should post this question here:

I'm getting married in September.  I live in WI

Both of us are divorced. I have 3 kids. He's also got 3. 2 with one mother, 1 with another.

I'm coming into this marriage owning the home I've lived in for 12 years. If I were to die, I would want my ex-husband to move into the house and continue to raise our children in the home they've grown up in. The house should go to them. (fiance totally agrees).

If we were to divorce I would want to retain the home for my children. I am also an artist and have a lot of artwork that has some value. My ex and I still have mutual funds in a joint account. Per our divorce agreement, half of those are mine also.

In Wisconsin when we marry all possessions become equally both of ours.

1. Should we die, how do I keep his children from having any rights to any of the possessions I've owned prior to our marriage? These things are for my own children.

2. Should he lose his job and fall behind on child support. How do I protect my own finaces/possessions from any possibility of being subject to any consequences?

3. Should we divorce,  how do I preserve my home, artwork, mutual funds from being divided between us?

4. How would you suggest I solidify my wish to have my ex-husband take possession of my house (to be owned by the children) in the event of my death. (yup..new hubby is out on the street).

Thanks.
 

[socrateaser]

>1. Should we die, how do I keep his children from having any
>rights to any of the possessions I've owned prior to our
>marriage? These things are for my own children.

a. Execute a will that specifically designate who gets what.

b. Create a revocable living trust and put all of your assets into it, so that they will pass without probate to the designated beneficiaries.

c. Execute a premarital agreement that discloses all of your assets and liabilities prior to marriage and agree that any assets and liabilities held prior to marriage shall remain separate, and that any earnings obtained as the result those assets during marriage shall also remain separate.

>
>2. Should he lose his job and fall behind on child support.
>How do I protect my own finaces/possessions from any
>possibility of being subject to any consequences?

Don't get married or live together until his kids are grown. Any other choice places you at some risk. Otherwise, keep all of your assets in separate accounts, file tax returns as Married filing separately and never discuss financial issues -- that way he can't disclose anything about your finances, because he won't know anything.

>
>3. Should we divorce,  how do I preserve my home, artwork,
>mutual funds from being divided between us?

All of the above, and move to TX, because it is the only State that does not award permanent spousal support.

>
>4. How would you suggest I solidify my wish to have my
>ex-husband take possession of my house (to be owned by the
>children) in the event of my death. (yup..new hubby is out on
>the street).

Put it in your will. Example (see a real estate lawyer because title grants can be a real mess):

"Upon my death, I hereby grant all of my interest in the real property, legally described as ____________, to my ex-husband _________, until such time as all of my children are lawfully emancipated or deceased, or within 21 years from the date of my death, whichever occurs first, at which time, my children shall obtain all interest in the property as joint tenants with right of survivorship, and my ex-husband's interest in the property shall terminate entirely."