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Assets Protection

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personal-finance1 year ago

"Protecting $2.3 Million: Safeguarding Assets in a Marriage Proposal"

A 54-year-old man with significant assets and Social Security benefits is considering marriage to his girlfriend but is concerned about protecting his wealth in case of divorce. He is advised that Social Security benefits are not lost in a divorce, but assets acquired during the marriage may be subject to division. Suggestions include using revocable trusts, last will and testament, and a fair prenuptial agreement to protect assets. The columnist advises against marrying solely to avoid being alone and emphasizes the importance of entering into marriage for the right reasons.