[notsure]

Here's my situation: I am 40, he is 51. I have a small house that is worth about $20,000, I make $30,000 a year, and expect to have about $200,000 in retirement at age 60. He has a $120,000 home that he still owes $80,000 on, makes $100,000+ a year, and expects to have $1,000,000 at retirement. We will each have 2 children living with us in his home. Here is his plan: After our marriage, he will take care of all major household expenses, and I will take care of all my children's expenses. Until his death, he fully plans for us to live a full, fun life. His children will remain beneficiary on all his remaining retirement and life insurance policies. I will be able to live in the house until I die or wish to move ('rent-free' as he puts it). It then goes to his children. This leaves all my retirement and my small house for me and my children. I'm not really sure if I feel good or bad about the deal. I feel funny about living possibly 40 years in a home that isn't mine. What if I need money for medical reasons and I don't have the option of selling this home. Don't most husbands have a life insurance policy with the wife as beneficiary? I have no family or friends in a second marriage where there was any property or money invovled. If this is a standard, fair agreement, then I'll be ok with it. I would just like another opinion. He is a good man, but I've always known he is very obsessed and stingy with money -- thus the $1,000,000 retirement!
Thank you.

[M. Giordano]

There is no "standard" agreement and the fairness of the proposed agreement can only be determined by you - but, I would strongly suggest you hire a local attorney to advise you on this agreement. The price will be worth it for your ppiece of mind and to ensure your children are protected.