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How to protect assets in a second or third marriage

On Behalf of | Jul 15, 2019 | Divorce |

It is becoming more common for individuals in Connecticut and elsewhere to get married more than once. According to Pew Research, roughly 66% of those between the ages of 55 and 64 who have been married in the past will get married again. Among all married couples, 40% have at least one person who is on a second or subsequent marriage. Those who are married for a second or third time may have a variety of financial issues to consider before the wedding takes place.

A lack of planning could result in money or assets intended for a biological child going to the surviving spouse instead. Money or assets could also be transferred to the surviving spouse’s children against a person’s wishes. Prior to getting married, an individual should create a prenuptial agreement to ensure that property goes where it should in the event of a death or divorce.

The agreement can stipulate that a spouse who has few assets will receive a portion of the other spouse’s separate property. A prenuptial agreement can also nullify a spouse’s right to collect assets under state law. In some cases, a husband or wife can claim property after their partner passes even if that property was allocated to someone else in a will. By creating a prenuptial agreement, families can focus on building a life together as opposed to guarding their money.

Those who are getting married may benefit from preparing for a divorce before the wedding takes place. Doing so may make it easier to negotiate a favorable settlement without a lot of stress or drama. An attorney may be able to help a person structure a prenuptial agreement in a manner that protects assets for the benefit of their current owners and for future generations.

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