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What Are Some Smart Second Marriage Planning Tips?

One in five Americans has married at least twice. However, a sobering 60% of second marriages end in divorce, the Census Bureau found.

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 provide some reality into your romance.

This begins with practicing good communication, a trait that is needed to help any marriage succeed.

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 saved.

Update your accounts. Be sure that all your records are up to date when you remarry so it is clear what assets are held separately and what is owned jointly.

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 or upon death.

Work with an experienced estate planning attorney. He or she will help you retitle your investments, update your accounts, and modify any beneficiaries on retirement, life insurance, and annuity accounts. Since the probate laws aren’t typically designed for blended families, also be sure you create an estate plan – especially if you or your new spouse have children and grandchildren from previous marriages.

Without an estate plan, most probate laws stipulate that at least some of your assets will pass to your current spouse (and then to his or her children) if you die first.

That’s a great recipe for 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”

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