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 squeeze some reality into your romance.
That begins with good communication, a skill that’s important in every marriage.
You should begin this conversation long 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. Talk frankly and openly 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 discuss how they ultimately will be used or bequeathed.
Update your accounts. Be sure that all your records are up to date when you remarry.
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 which you’ll keep separate in the event of divorce or death.
Work with an estate planning attorney. He or she will help you update your estate planning documents, retitle your investments, and modify any beneficiaries on retirement, life insurance, and annuity accounts. Since the probate laws aren’t typically designed for blended families, special estate planning may be needed, especially if you or your new spouse have children and grandchildren from previous marriages.
Without an appropriate estate plan, some or all of your assets will likely pass to your current spouse and then to his or her children – not yours – if you die first.
But some smart second marriage planning may avoid feuding, bitter feelings, and big legal expenses among your survivors.
Reference: Forbes (June 20, 2019) “6 Second Marriage Planning Tips For You And Your Significant Other Before Walking Down The Aisle”