My fiancé made some huge cash as a toddler actor, however now his earnings is bumpy. Would I’ve to rely on little one help if we acquired a divorce?

I’m 50. My new fiancé is 52. We’ve both been married before. We won’t have children. In his branch (entertainment) his income fluctuates. Great years have to be managed in order to make up for years that are not so great.

He has no set medical care, retirement plan, etc. Honestly, he made a lot of money in this industry as a kid, traveled the world, but really had no one to help him with (set up future retirement plans, etc.). ).

His first wife enjoyed the lifestyle, but they were both young jet setters enjoying a side of life that seemed impossible for a poor child. Today he is still very active and is in the middle of securing a lucrative job, but has largely gone through life without planning / saving.

I’m in America on a healthy income and it’s stable. I’ve had benefits including retirement and other investments along the way. When saving, I stuck to “the rules”. I have equity in my home, life insurance, and have had some nice investments that treat me well.

““I have equity in my home, life insurance, and have had some nice investments that treat me well.””

On paper, I seem a lot more established than him. My income is traceable and my accounts are in advance. He makes a lot of money internationally, lots of cash deals for production, etc., and has some formal contracts like the ones mentioned above.

My point: In a future divorce, I would potentially lose half because my income and assets are up-front and transparent: equity, pension accounts that have been set up, savings, etc. I would also have to pay alimony.

A prenuptial agreement could potentially resolve equity, retirement, and savings, but may not resolve alimony. If we divorced after two years of poor income, the judge would see my very stable three years income.

The judge may conclude that the divorce would leave him in a different lifestyle than he was used to in the marriage and so I would pay alimony. In short, later marriages have more to consider than a first marriage at 25.

My question is whether a prenuptial marriage or a contracted partnership would be best for us. Unfortunately, I’m not young enough to have to cut my retirement in half and work long enough to catch up.

This is not a bet on a failed marriage, it is about planning in case the unforeseen happens.

Thanks in advance.

The fiancee

You can email The Moneyist at qfottrell@marketwatch.com with any financial and ethical issues related to the coronavirus and follow Quentin Fottrell on Twitter.

Dear fiancee,

All marriages are a business contract – in addition to a romantic declaration to the world that you want to spend the rest of your life together. It is possible to be practical and romantic, cynical and idealistic at the same time. After all, marriage contracts exist alongside marriage contracts, and for millions of Americans they belong together like bread and jam.

You can take care of your concerns with a prenuptial agreement. According to the law firm Bradley S. Sandler, “California law allows a person to waive spousal support prior to marriage in a prenuptial agreement. However, there are certain conditions that must be met in order for a person to be able to waive his or her maintenance claim or provide for provisions. “

Among them: “The prospective spouse must have independent legal counsel at the time of signing the marriage contract and the terms must be reasonable at the time of signing. If these prerequisites are met, the spouses may determine the maintenance before the marriage. “In addition:” Regulations can be made in the contract that limit the amount or duration of the spousal maintenance. “

“Marriage contracts coexist with marriage contracts, and for millions of Americans they go together like bread and jam. ”

Their waiver, the law firm said, could also depend on a number of factors: “For example, a spouse waives maintenance unless the marriage lasts for a certain period of time or the spouse’s maintenance is triggered when a spouse reaches a certain age , becomes disabled or a situation occurs that makes it impossible for the spouse to return to work after the marriage. “

The civil partnership has many disadvantages, including those related to health insurance and income tax. Additionally, they are not federally recognized, so they will not work for couples where one person is a foreign national and needs a green card. Call me old-fashioned, but when you get a marriage certificate, or not at all.

One final word of caution: make sure this is the right man for you and you are 100% committed to signing on the dashed line without a reservation on your wedding day. What you say about your fixed income – regardless of the opinion of a judge – makes sense at first glance. Just be sure that anxiety is no substitute for your nervousness when you say “I do.”

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