6 Tips To Protect Your Financial Future
Planning To Remarry After A Divorce? 6 Tips To Protect Your Financial Future
Sharon Klein Fri, February 10, 2023
Make relationships easier to navigate and better protect your financial future.
As the calendar turned to 2023, many of us took a moment to think about resolutions. I want to lose 10 pounds. I want to read things that aren’t just about work. I want to learn how to play pickleball.
Or maybe this year I’ll give a relationship another shot. Maybe I’ll even remarry. Many of us think about this idea with an understandable degree of trepidation. Your last relationship ended badly. Maybe you got divorced. But this year, as you look ahead with renewed optimism, there are six steps that you can take that might make relationships easier to navigate, leave you better protected for your financial future, and make you happier.
Now, admittedly, not all these ideas create conversations that are the easiest to initiate. Some carry with them some difficult presuppositions. Because of this, you may want to get some outside help. Hiring a skilled adviser can make all of this go down a little easier.
1) Get that prenup
Oh, start with the toughest one. No one wants to think about divorce when planning their wedding. But a better way to think of a prenuptial is that it’s not about the end, it’s about the start. A prenuptial agreement actually allows marriage to start on a stronger footing based on mutual understanding and honesty.
A prenuptial agreement lets a couple enter marriage with full financial clarity, spells out financial expectations during a marriage, and specifies clearly what will occur in the event of…well, you know the “D-word.” A prenuptial agreement can be particularly important in situations when each partner brings their own significant assets to a new union.
2) Trust…but verify
Planning is key to ensure your assets pass as you wish. A revocable living trust, which is set up during your lifetime and can be changed (or “revoked”) at any time, can be used as your main dispositive document instead of a will. Unlike a will, the provisions of a revocable trust kick in not just in the event of death, but also in the event of incapacity (think Alzheimer’s disease, a major stroke, or some other such disabling condition).
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