Financial Matters to Remember in Your Second Marriage

Whether you are getting married after the death of a spouse or remarrying after a divorce, smart financial planning should always be included in your overall process.

A second marriage brings many different questions and considerations to the table, and having the experience of a knowledgeable financial advisor and estate planning attorney is strongly recommended.

This will help you minimize the chances of making a mistake that could cost you down the road. Assets and liabilities should be reviewed in full, prior to initiating a new marriage. These assets can include a house, stocks, bank accounts, retirement plans, insurance contracts and other investments. Liabilities that each party may bring to the table include student loan debts, mortgages, credit card balances and car loans. Beyond the assets and liabilities that each party is bringing into the marriage, consider the existing estate and financial plans and how day to day financial management issues will be addressed.

Having clear conversations about these issues in advance can help to decrease the concerns that each party brings to the table and enhance the ability of each person to accomplish their overall goals. The support of an experienced estate planning professional is strongly recommended.

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