You and your second spouse have tried everything possible to make your marriage work, but you have decided to file for divorce. Both of you are significantly older than you were at the time of your first marriages. Years of hard work and saving have paid off, and you have greater assets than you did in your first marriage. The previous divorce took a major toll on your finances, and you are wondering how to protect your assets the second time around.
Divorce can wreak havoc on a couple’s finances. This is especially true for people who are older and have accumulated more assets. It is necessary to take every precaution available to leave a divorce with your pocketbook intact. When preparing for a second divorce, these are some ways to financial standing.
- Have a discussion
Money is an uncomfortable topic of conversation for many people. It can be difficult to discuss money openly with your partner, but this is a very necessary step in any marriage–and any divorce. Sit down and have a frank conversation with your spouse about your finances. Even if your relationship is not at its best, try to be open, honest and amicable. You may even be able to amicably negotiate a post-marital partition and exchange agreement that contemplates the eventuality of divorce.
- Update your estate plan
Before your divorce, you and your attorney should revisit your estate plan. This is particularly important if you have children from a previous marriage. Without an accurate estate plan, your current spouse could stand to inherit your assets while your children are left with nothing. Your estate plan should designate your beneficiaries, address how to distribute your property and make plans for dividing your other important assets.
Consider your legal options
Divorce can be overwhelming. It is often a very complex and confusing legal process. While some people try to navigate the legalities of a second divorce by themselves, this is not always wise. Making a mistake can end up costing you in the long run. Not to mention, there may be options that could work to your benefit that you do not know. Consulting with an experienced Board-certified Family Law expert attorney in regard to all of your available legal options before you divorce could be crucial for protecting your finances after divorce.