Avoid the perils of property division with proper planning

A significant number of people in Kentucky who have lost a spouse through death or who are divorced, choose to remarry later in life. Invariably, both parties have accumulated assets over the years, and it would only be natural to want to protect those assets. Many of these couples have already been through the property division process after one or more previous marriages, and they will not want their assets landing in the wrong hands.

A new start with a new love is marvelous; however, complicated financial communication and considerations might be required. Discussions could include details about the financial obligations that each party will bring into the marriage, such as child support and alimony that must be paid to former spouses. Disclosure and openness about credit scores and debt obligations can also go a long way to prevent future discontent.

Another aspect that might need clarification before the marriage is whether finances will be pooled or kept separate, and where they will live -- his house or hers, or will they get a new place? Many important financial issues such as retirement funds, college funds and more will need discussion. They might consider signing a prenuptial agreement to give them both peace of mind.

This could all become overwhelming, but help is available. Each spouse can get the support and guidance of an experienced Kentucky family law attorney. Along with valuable advice and input, the attorney might have other resources to provide further services. These could include financial advisers and an experienced estate planning attorney to ensure the necessary modifications are made to existing estate plans to reflect current wishes. When all these issues have been addressed, the couple can focus on their new life together rather than the perils of possible property division in the future.

Source: flagstaffbusinessnews.com, "Financial Issues to Consider in Remarriages", Keith Schaafsma, Accessed on Nov. 10, 2017

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