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Timely financial strategizing for a remarrying individual, Part 2

If you are an Arkansas resident who has found a true life partner after one marriage ending in divorce, you're undoubtedly motivated to get it right the second time around.

And if you are of baby boomer vintage (that is, near retirement or already enjoying it), there are strong reasons why you should be timely focused upon protecting your wealth and assets before you remarry.

For starters, you worked long and hard to obtain the security you now have. As you grow progressively older, it just makes sense that you need to safeguard your property and take steps to ensure that it is dealt with in the manner you best deem fit.

We cited a national article dealing with that concern in an earlier blog entry. We noted therein the collective view of commentators that an upfront and comprehensive discussion with your impending spouse well before any betrothal regarding all material financial matters is a critically important event.

There is likely a lot to talk about, and getting it out in the open is a good recipe for avoiding future acrimony.

Older remarrying individuals often have saved assets accumulated in multiple types of accounts. Moreover, they frequently have substantial equity in a home, insurance policies and estate documents such as a will and one or more trusts. They may have inherited money, be business owners and have children from a prior marriage.

Things can be complicated, and often are with baby boomers.

Notwithstanding that, though, it is far better to spotlight and deal proactively with financially related issues and concerns before a second or subsequent marriage, not following it.

There are many tools and strategies that can be employed to promote that goal, including estate planning instruments and marital contracts such as premarital and postnuptial agreements.

An experienced family law attorney can provide further information.

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