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Property division for a second or third time?

A decision to remarry late in life needs careful consideration and planning. Those in Illinois who have gone through divorce and property division proceedings and then plan a second or third marriage will know how important it is to discuss finance-related matters before the wedding. One of the primary concerns in such circumstances is for both parties to protect their retirement funds, which are not easily replaceable for those at or nearing retirement age.

Honesty and complete disclosure about finances are essential, not only about assets held by each party but also debts that will be brought into the marriage. Another important issue is home ownership and whether one or both parties own residential property. If so, will they sell existing homes and buy a new one, or will they live in a residence owned by one spouse? Whether to keep finances apart or commingled will also be an issue to discuss.

Advisers say that a prenuptial agreement is essential for later-in-life marriages. Not only will it protect the assets of both spouses, it might also provide comfort for the children of both parties to know that their interests are protected. However, a new prenup may conflict with existing estate planning documents, so those will also need updating.

The logical step might be to consult with an experienced Illinois divorce attorney. A lawyer who has additional resources, such as estate planners, financial advisers and real estate professionals, can provide comprehensive support and guidance. If proper attention is paid to all issues before a second or third marriage, it might avoid contention if it should come to another property division process in the future.

Source: money.usnews.com, "How to Protect Your Retirement Before a Second Marriage", Rodney Brooks, Feb. 8, 2018

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Courtney ∙ Clark, P.C.
104 South Charles Street
Belleville, IL 62220

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