Planning for a marriage doesn’t end at the wedding planning. Making sure you're prepared to retire as a couple means starting to think about your financial situation even before you put on the rings
Estate planning and divorce planning considerations may not be what you want to think run should the marriage end in divorceGetting engaged to be married is a great milestone in many people’s lives. After the wedding planning is over, it’s time to start another set of plans: planning for retirement as a married couple.For married couples, employer‐sponsored retirement accounts, including IRAs and 401s, can be orchestrated to work together.
In fact, even if one spouse is not working or has a job that does not have the benefit of a retirement account, they can often make spousal contributions to an account for themselves. This is a huge benefit for couples with only one employer‐sponsored retirement plan.When you’re married, in most states across the United States, you can own your joint properties as “tenants by the entireties.
This type of agreement also protects the property in the event that one spouse is sued and also renders the property immune from claims of most creditors.For younger couples, a prenuptial agreement is rarely necessary simply because neither party has all that much to protect. But for second marriages, marriages with existing children or in the case that one party owns significant assets prior to getting married, it is important to consider creating a prenuptial agreement.
The estate planning and divorce planning considerations may not be what you want to think about when entering into a marriage, but they are a very big deal and will help you in the long run should the marriage end in divorce.As a married couple, your spouse is most often your beneficiary of your retirement accounts. In the event of your death, your spouse will inherit your IRAs and 401 as a spousal beneficiary.
Securities offered through Kestra Investment Services, LLC , member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC , an affiliate of Kestra IS. Brotman Financial Group, Inc. and BFG Financial Advisors are not affiliated with Kestra IS or Kestra AS.I have been in the financial planning and wealth management industry since 1994, and launched a firm in Maryland in 2003. My passion is helping multi-generational famil...
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