How To Protect Assets in a Second Marriage

A divorce can be stressful, both emotionally and financially. About 60% of second marriages end in divorce. If a person has gone through a divorce before, they are more likely to take precautions when entering into a second marriage. The experienced team of financial advisors in St. Louis have provided a few ways to help protect yourself financially in a second marriage. Bogetto & Associates is here to assist in your financial decision making process before you get married for a second time.

Create a Prenuptial Agreement

An agreement made by a couple concerning the ownership of their respective assets, before they enter into marriage, is a prenuptial agreement. This is the most common way to protect your assets. A prenup can help protect investments you bring into a marriage and how to allocate them during or after the marriage. An alimony amount can also be established in a prenuptial agreement, if you and your future spouse desire.

Limit Merging Assets

Many couples will keep their individual assets separate during their marriage. It is a good idea, especially in a second marriage, to establish separate banking accounts and personal loans or assets. Keep a good record of non-marital assets before and during your married life. If the marriage does dissolve, it will be easier to divvy up financial debts and assets if they are kept separate.

Keep Will Updated

A will should be updated when any major life change occurs. Specify in detail who you want to receive your assets. If you desire to add your new spouse or their children to your will, it should be recorded. Sometimes an individual entering in to a second marriage allocates their assets to their own children, and do not add anyone new to the equation, this should be specifically stated in the will as well.

Protect Children

If there are children involved in a second marriage, be sure to protect them as well. Gather information about how alimony, child support, and custody will be affected when entering into a second marriage. Your children are likely an important part of your life, be sure to keep their interests in mind when getting married for a second time.

Ensuring your assets and family are protected when entering into a new marriage is important. By participating in the suggested items above, you can better prepare for a second marriage. When pertaining to a second marriage, your trusted financial advisors in St. Louis want to help you work toward achieving your financial goals. You most likely will not foresee your marriage ending, but being adequately prepared for that event is helpful when it comes to handling your finances and assets.

Sources:

http://wealthcareforwomen.com/2015/07/21/how-can-i-protect-my-assets-in-a-second-marriage/

https://www.fidelity.com/viewpoints/personal-finance/estate-planning-for-second-marriages

http://www.cnbc.com/2015/02/12/remarrying-protect-your-kids-assets-with-an-airtight-prenup.html

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Email - peter@bogettoandassociates.com

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC

Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.