Forbes’s recent article, “6 Second Marriage Planning Tips For You And Your Significant Other Before Walking Down The Aisle,” says it’s wise to sprinkle some reality into your romance, starting with practicing good communication, a trait that is needed to help any marriage succeed. These tips for second marriages range from general behavior to specific legal and financial tips.
You should begin this conversation well before setting a date to say, “I do.” Let’s look at some tips for making sure your next marriage gets off on the right financial foot:
Be open. This means frank talk about your plans and obligations to any children and former spouses. Talk about your credit history, assets, debts and any financial support you must provide.
Look at your property. Review the assets that each of you will bring into the marriage and how they ultimately will be used or bequeathed.
Update your accounts. Be sure that all your records are up to date when you remarry. This is one of the most basic tips for second marriages, but failing to do this can create terrible inconveniences for both spouses.
Sign a prenup. This isn’t just to protect the assets of the wealthier spouse. It can be important if you both already have established careers, children or significant assets. A prenup lets you decide together and in advance, which assets you’ll share and those to keep separate, in case you divorce. A prenup requires that both spouses disclose their complete financial status. This can be of great value, as the families later often falsely accuse a surviving spouse of “fleecing” a recently deceased spouse. A prenup’s financial disclosure can provide important evidence of the reality of the couple’s finances
Work with an experienced estate planning attorney. He or she will help you re-title your investments and property, update your accounts, and modify any beneficiaries on retirement, life insurance and annuity accounts. Since the probate laws are often not well suited for blended families be sure you create an estate plan tailored to your needs, especially if you or your new spouse have children and grandchildren from previous marriages. If either spouse has been married previously, it is essential that an complete review of existing paperwork to make sure that former spouses are not still listed as beneficiaries where they should not be, and to make sure that new estate planning documents don’t contradict the order for dissolution of marriage.
Failing to update estate plans and property ownership is a great recipe for feuding, bitter feelings, and big legal expenses among your survivors. Following these tips for second marriages can help avoid serious fights and unnecessary expense.
Reference: Forbes (June 20, 2019) “6 Second Marriage Planning Tips For You And Your Significant Other Before Walking Down The Aisle”