Financial Concerns of Remarriage

 Posted on March 15, 2017 in Divorce

The old expression “once bitten, twice shy” is often used to describe a person’s hesitance to try something again after being hurt by that thing previously. The maxim accurately sums up how many people feel after going through a divorce. Couples may enter a first marriage without considering how life’s realities can affect a relationship. Finances, children, in-laws, and jobs are all factors that can overshadow the romantic side of marriage.

People who go through a divorce, however, tend to have a much more realistic view of what a second marriage may hold. This is especially true for those who have gone through a messy divorce—one which may have involved drawn-out battles over marital assets and other finances. Therefore, when you are considering remarriage, there are a number of questions that you should discuss with your partner. Starting out on the same page can go a long way in avoiding another trip to divorce court.

Separate or Joint Finances

Will you and your spouse-to-be keep your assets separate or do you plan to join them together? If you both have children from prior relationships, you may want to consider keeping your assets separate. This will help ensure that there is no question regarding what your children receive in the event that you or your spouse pass away. One way to clearly define how you will be sharing assets, or keeping them separate, is by having a prenuptial agreement drawn up before your marriage.

Your Current Situation

Where do you each stand financially? Not only should assets be disclosed, but if either of you has heavy debt, then this is the time to disclose that information. Entering a marriage with financial secrets of any kind could be a recipe for disaster.

Property Considerations

If you both own property, what you will do with that property when you marry? For example, if both of you own a separate home filled with furniture and other household items, then decisions will need to be made about which house you will live in once you are married. Additionally, what will happen to all the items that may be duplicates? Should they be sold, donated, or placed in storage?

Long-Term Objectives

Are you financially compatible with one another? Are you a saver or a spender? What about your partner? Do you both have the same financial goals? If there are distinct differences or too many similarities, these issues will need to be discussed in advance of the marriage. A written household budget could also help you develop a workable plan for moving forward together.

If you have questions about remarriage, divorce, or any other family-related legal issues, contact an experienced DuPage County divorce attorney. Call Pesce Law Group, P.C. at 630-352-2240 to get the answers you need.

Sources:

http://money.usnews.com/money/personal-finance/articles/2015/05/26/what-to-consider-before-tying-the-knot-a-second-or-third-time

http://www.huffingtonpost.com/jim-t-miller/remarriage_b_2365541.html