5 Ways to Maximize and Protect Your Assets

It may not be as romantic as planning the honeymoon in the Greek Isles or deciding which champagne to pour at the reception, but if you're getting married in your ThirdAge, it is crucial that you and your future partner sit down with your attorneys and put together a prenuptial agreement before the wedding day.

Why? Because, contrary to the popular view that a "pre-nup" is a piece of paper that signals lowered expectations of marital bliss, such a document can actually increase the financial security of both parties as they walk down the aisle: both parties get a clear picture of what the financial future holds for them. And in the long run, putting together a prenuptial agreement is a lot less stressful than finding out that you can't buy your dream retirement home because, as it turns out, your joint net worth is not as much as you thought it was and the local loan officer laughed at your mortgage application.

If either you or your intended fall into any of the following categories, you should seriously consider a prenuptial agreement:

• High (or potentially high) net worth. Lawyers say that at the least, a prenuptial agreement is an especially good idea if you've acquired significant property over the course of your career, hold a professional degree (which could translate into big earnings down the road), or stand to inherit a pile of money after your rich uncle Ernie dies.

• Kids from a previous marriage. If you plan to leave property to kids from a previous marriage, it's only fair to them to protect their legacy--even if you couldn't care a twit about money in the event wedded bliss turns out to be not so blissful. You can't count on your will to insure that your kids get their inheritances. In most states, spousal inheritance laws generally guarantee spouses 25 to 50 percent of their husband's or wife's estate, even when their wills stipulate otherwise. And if you live in a community property state, your spouse automatically owns half of any assets you acquire there during your marriage.

• Own your own business. Finally, if you own part (or all) of a closely held company, you owe it to your employees and your fellow shareholders not to let a big chunk of the firm get tied up in the awfulness of divorce proceedings, or risk having a bitter ex-spouse sitting on your board. Indeed, many closely held businesses, especially family businesses and partnerships, have it written into their agreements that when a partner marries, they must sign a prenuptial agreement for precisely these reasons.

4. Collect Objects of Desire

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