Financial Issues for Second Marriages Discussed by Newsday's Peter King
Peter King had an article in Saturday’s Newsday discussing the topic of financial planning for second marriages. King interviewed Islandia financial adviser Michael Kresh, who provided a good deal of detailed information about the types of financial issues faced by older couples getting married for the second time.
Kresh’s suggestions for handling pension beneficiary designations, reviewing and updating wills, and handling the use or sale of multiple homes are all ones I provide to my clients.
The one issue I wish King would have explored in his article, though, is how and why couples should discuss a prenuptial agreement. A prenuptial agreement can properly and effectively address property division, pension benefits, real estate division, and some estate planning matters. Other estate planning issues should be dealt with through revisions to your will and other estate planning documents.
In my office, when I advise a client getting married for the second (or third) time concerning a prenuptial agreement, I always try and work closely with his or her financial planner, accountant, and estate planning attorney.
For more information about prenuptial agreements, please contact my office at David@GabayLawFirm.com
