27 Mar Before getting married again
It’s easy to get caught up in the excitement of wedding plans, but you and your future spouse also need to discuss finances. A new marriage is a chance to get things right with the right person.
You and your fiancé may not share the same beliefs about money and family, so get those issues out in the open and work out a plan to resolve any differences now, before they can become conflicts.
Getting remarried can affect many things, such as custody, child support and spousal support. For example, a change in household income status could mean you, or your new spouse, must pay more support. You should also both be aware of each other’s debts and assets, and if former spouses have rights to any monies set aside for future retirement plans. If you or your fiancé are bringing debt into the marriage, discuss who will be responsible for paying it off.
If you aren’t happy with the way the law would divide your assets on death, you should consider a more formal agreement in form of a marriage contract. Before the big day, both of you should address what your overall financial concerns are, what your financial obligations are, and how finances impacted your previous marriages.
Finally, make a checklist of documents to update in light of the new marriage, including your wills, powers of attorney, beneficiaries on plans and policies, and any joint bank or investment accounts you plan on opening.
Getting your respective and shared finances in order lets you clear up those worries before the big day so you can worry about other things, like where to seat that feuding ex-couple at the reception.
To read this article from Advisor to Client online, CLICK HERE. As always if you have any questions be sure to contact Harry Perler or David Olejnik.