One of the major worries that many experience when going through a high net worth divorce is that of protecting their assets, and rightfully so. Assets can make or break someone’s future and can also impact the future of their children if children are involved. Due to this, when someone who has been in this situation is ready to remarry, the thought of their assets may be top of mind.
Protecting assets in a new marriage can be even more complicated and important – especially if one or both of the parties involved is a high net worth individual. If you are someone in this situation, or if you anticipate getting remarried, consult with an experienced attorney about how you can protect your assets to ultimately protect your future and the future of your family as you start this new journey. In addition, we recommend keeping these tips in mind:
- Be Transparent and Open for Discussion
We recommend being open with your soon to be spouse and letting them know what you are thinking. The more transparent you can be, and the more willing you are to openly discuss the topic of your assets with them, the better. Allow them the opportunity to share their thoughts and worries, as well. This approach can help to more easily navigate any issues that may come up in the future.
- Create a Prenuptial Agreement
When a couple is approaching marriage, the last thing they probably want to discuss is the topic of a prenuptial agreement. The topic is not easy to bring up and may make someone feel that their soon-to-be spouse already anticipates their marriage failing. However, in reality, the topic of a prenuptial agreement can help to ease anxieties about unfortunate circumstances that can arise such as death or divorce. If you are interested in creating this type of agreement, we recommend consulting with an experienced lawyer to assist you with creating this complex document.
RELATED: Read more regarding what you should know about prenups in a high net worth marriage.
- Keep the Whole Family in Mind
When entering a new marriage, there can be many factors to keep in mind including your soon to be spouse, your children, your soon to be spouse’s children, and prior financial histories. Due to all of this, it is important to keep the whole family in mind and consider all possible situations and scenarios. Ensure you and your soon to be spouse discuss all involved in your new marriage so you are both on the same page and can act accordingly with a mutual plan.
- Plan for the Future
To help alleviate drama and/or stress for your family down the road, it is important to discuss the realities of aging and retirement and to plan for the future. As part of this planning, we recommend creating a will and an estate plan to clearly set and meet expectations. Consider this topic with your soon to be spouse and consult with an experienced attorney when you and your spouse are ready to create these formal documents. Such estate planning may also be addressed in less detail as part of a prenuptial agreement.
Worrying about the division of assets in a marriage can take away from the marriage itself and make life stressful. Because of this, we highly recommend that you protect your assets and be as transparent as possible with your spouse so you can move on and enjoy your marriage and where life takes you.
For information about what our experienced attorneys at Wilder Mahood McKinley & Oglesby can do to help you, contact us online or call our office in Pittsburgh, Pennsylvania, at 412-261-4040.
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