We noted in a prior blog post the obvious need for many parties embarked on a second or subsequent marriage to pay due attention to their finances before remarrying. A recent media report notes both the challenge and importance of doing so for individuals nearing or already enjoying retirement.
Foremost, stresses a U.S. News & World Report article, an appropriate initial strategy for many baby boomers on the cusp of a new marriage focuses on communication. Couples need to engage in a candid and comprehensive talk regarding all material financial issues.
“Start with a simple discussion about your assets and liabilities,” states one commentator. The goal of a conversation is to address needs and expectations in an upfront way to promote desired outcomes and minimize potential conflict.
A seasoned family law attorney can help get that discussion going. An individual with questions or concerns can especially turn to an advocate who routinely works with diverse clients on matters involving significant assets and complex property issues.
Many older remarrying couples in Illinois and elsewhere will need to make decisions regarding separate-versus-marital property considerations. They might also need to adjust their will and other estate planning documents, change beneficiary designations, address how to handle a family business and consider additional matters.
It is often the case, too, that a marital contract (a prenuptial agreement, postnuptial contract or both) will command special utility for baby boomer-aged remarrying couples. One contributor in the above piece goes so far as to say that, “Anybody getting married who has any assets to protect should have a prenup.”
Parties understandingly focused on the exciting prospects of remarriage obviously want to get things rights across the board, including with their property and related assets. An experienced family law attorney can provide tailored counsel and representation that fully promotes that key goal.