Should husband's children be willed half of daycare business?

Question

My husband and I were married 3 years ago. He has 3 children from a previous marriage, I have 3 children also, and we have a one year old together. I have a degree in early childhood education. We are in the process of opening a childcare center in our town. We are a corporation with me owning 51% and my husband with 49%. I asked him to get something drawn up by our attorney stating that if he was to pass away his interest in the daycare would revert to me. I do not own any property or vechiles. It is all in his name. I will not inherent anything from the home we live in, it will all go to his children. I don't think I am being unfair in this matter. It would be like asking him to split his retirement in half with me children and he would just have to live on half of it. What do you think? Am I asking too much?

Answer 1

seeing as though everything else is entirely in his name (house, vehicles, etc..) then, no, you are not asking too much....especially if he has already willed these other things to his children...being married (regardless of children), there should be "benefits" to you from his insurance and retirement anyway, and the same for him from your ins. and retirement...if he insists, then it should be given in "name only" to his children, and that they would not be able to benefit financially untill your passing (just as your children would not be able to)...the way you guys have everything sounds unfair to me....marriage is about compromise, and everything should be shared....my husband and I have agreed that everything will remain in our "control" upon the passing of either of us....only after we are BOTH gone will the kids get anything....and they will get it the way it is willed, or they won't get it at all....basically, no bickering over who gets what....and if they fight over anything or if they don't have the estate settled within a certain amount of time....it will be set up to all be sold at auction, and any monies will be given to charity.

Answer 2

Your attorney should have advised you to put in your agreement that in the event of either party dieing, or otherwise gets out of the business, the party that stays has the First Right of Refusal to buy out the part that the dead party owned. It should also state how to determine the businesses value and then you have the right to buy it from his estate before they have the right to come in and run it with you. If you turn down the First Right of Refusal, then his kids will get his part of the business. You NEVER want to give away a part of a business to people that you don't know if they can handle being owners. Good Luck

Answer 3

I am shocked folks don't chat about these types of things before they are married
Way way too little detail to answer - are his children minors, are yours?
Do any of the children live with you? Have they finished their education? Do any of them have special needs?
What are they likely to get from each of your prior spouses?
Do you have significant assets that would revert to only your children (like 401k)?
Do you have any children together?
What is your life insurance situation?
The advice to see an estate planning attorney is a good one.

Answer 4

plain and simple if you met him and knew he has 3 children you wouldn't be married to him. and second of all you know that if you met the guy who never married no kids and you married him and you both only have one child together and you have 3 your own before you married that guy.. then you shouldn't be no plm have your own day care center. But you made that choice to married that man who already has 3 kids previous marriage.

So, yeah it not fair for you but you made the idea to married him and not really thinking twice about this. so, it will be like this and no way of you have to your self if he died if he died he can give 1/2 to their kids and mean kids will be your parnter.. and that pretty sad to see that.

Yeah you been asking toooooo much. You not really thinking twice about anything lately have you? so now it the time to think about really hard before you make this.

My wife first marriage my second marriage but No kids first one but seond wife and we have 2 small children and 3rd due in march 2007 and what more she wnat to have her own day care center and it up to her do what ever she want to do.. I told her I don't want to be parnter but I will help you.. Plain and simple long she bring money home then great. I don't kknow nothing about day care center.. smiling. so she can make the choice anything ahppen she can give to me but I rather her to give someone that who help her keep her day care center going and put alot of effort to make it happen and give that to that person. See I am not asking toooo much lik eyou doing right nwo.

Answer 5

all i can say is this, all children should a peice of the businees, that way they all look forward to having something in there future if that is what they want. but of course trying to plan for the future is a very hard thing, be wise about your desions and try not hurt anyone, but all of his children should and proabaly will be entilted to some part of the businees no matter what he puts in writing and that is just how it goes these, good luck

Answer 6

it sound like his kids are getting enough what about your kid together not to mention his kids are probably grown stick to your guns and just incase you don't die first make sure you have in writing for your kids to get your 51% wow jizzmoper had something smart to say for a change you go j.i didnt know you had it in you.

Answer 7

get a lawyer.