Saying "I Do" Again

It is hardly a secret that half of U.S. marriages fail. Nor is it unknown fact that many second marriages occur. This can complicate family life with in-laws, step parents, step children and others.

Too often, second marriages cause rifts especially when the children are grown. We'll call him Will who had an unexpected senior moment when his wife, Sophia, many years his junior, cleverly manipulated his estate pulling it into her embrace. This included his life savings, retirement accounts, property including the family home and ultimately persuading Will to change his Will.

He had long ago promised his sons that he would assist his grandchildren when they went to college. Will's eyes were opened when he realized too late that he had been hoodwinked by a very enterprising spouse. Sadly, when she realized how devastated his family was, she not so graciously severed their relationship leaving Will in a real bind. Yes, Will was lonely, naive, in love, but she also exploited his early stages of dementia.

Now Will was at the mercy of his sons who were not exactly flush, with enough expenses of their own, and now had to rescue their formerly affluent, nearly helpless father. We say this could never happen to us but it can and does. Every day. It is one of the most unkind senior moments imaginable.

Are their solutions? In part, yes. Before saying "I Do" again, know exactly what you are doing. But that may not be enough. This causes some to utilize the common law approach which may work for awhile. States have different laws which must be explored. And understood. Most States stipulate that a surviving spouse automatically receive a certain percentage of the estate.
Prenuptial Agreements are another option which again depends pretty much on the skill of those who prepare them. Q-Tips are another possibility.

Because of divorce or death, almost half of marriages are second marriages. But alas, 25% of adults with liquid assets of $500,000 don't have a Will (or a Trust). One final word: Prenups are crucial but may be worthless if one partner bullied the other. Please, be CAREFUL.