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TIPS FOR BABY BOOMERS

by Justin James Wyatt on Oct. 10, 2017

Divorce & Family Law 

Summary: TIPS FOR BABY BOOMERS

The rate of divorce among Baby Boomers has increased rapidly during the past ten years. Many issues arise when divorcees have children, assets and property that must be divided, which can be even greater when the divorcees enter into another marriage. Due to these complications, financial planners and attorneys have developed some helpful tips for those who decide to remarry.

First, openly discuss both of your finances. Be honest with your new spouse about any debt you have previously acquired. Let them know how much of your money is going to bills and how much you plan to give to your children.

Second, both partners need to review each other’s credit reports. By disclosing this information, your new spouse can see how well you have paid your bills in the past, thereby foreshadowing how you may pay bills in the future. If there is a lot of debt or delinquency on the report, you and your new spouse can discuss actions for future improvement.

Third, remember to change your beneficiaries. Many people do not understand that beneficiaries are more binding than a will. Even if you state in your will where your money should go, be sure to change your beneficiaries as well, particularly on your IRA and other retirement accounts.

Fourth, consider a prenuptial agreement. Without one, upon death, state law will give the surviving spouse extensive rights to your estate.

Fifth, before you add your new partner’s name to your home, consider the consequences. The advice here is to keep your house under your name and merely allow your new spouse occupancy. This can keep inheritance issues to a minimum.

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