Close X

Read Our Blog

Financial Reminders Before Remarriage

Posted by Lizette Sundvick | Jun 14, 2018 | 0 Comments

6a0120a65da954970b022ad39741e8200b 800wi

“Getting remarried gives people a fresh start, an opportunity to learn from the past and to move forward. Unfortunately, for most couples, the next trip down the aisle can also come with a host of new financial challenges.”

Nasdaq's recent article, “Getting Remarried? 5 Financial Steps to Take Before Tying the Knot (Again)”provides some financial steps to consider before getting remarried.

Create a consolidated net worth statement. One fundamental mistake many couples make is failing to look at their combined net worth, until they start talking about how they will pay for their wedding or another big-ticket item. Those who remarry frequently have more complex financial responsibilities, such as child support, liquid and illiquid investment assets, as well as estate planning and tax-planning strategies. The best course is to be upfront from the start to avoid damaging your relationship in the long run. Take time to review your individual financial situations, including liabilities, before you create a consolidated statement of net worth.

Sign a pre or postnuptial agreement. This can be uncomfortable but can be valuable for both parties, if there's a divorce. A pre or postnuptial agreement is particularly important, since it's the only way to legally claim specific assets within a marriage. In addition, a prenuptial agreement may ensure that any children within the marriage are financially protected, in the event one spouse dies. It's also important to remember, even if you're recently married and don't have a formal prenuptial agreement, state law will often have one for you.

Think about all of your kids. Some spouses who were married previously may bring children into their new relationship. This creates many financial issues. Determine as a couple how you'll financially address major expenses, like health care, child care, and tuition. When you've decided, discuss your plan of action with an attorney to be sure you're considering all potential options and their long-term implications.

Update your beneficiary designations. This is a common error. Assuming you want to name your new spouse as a beneficiary, you should review all your accounts and update the documents.

Update your estate plan. Estate plans can be forgotten with all of the details of a wedding. Talk with an experienced estate planning attorney to review your situation and update or create wills, powers of attorney, and health care directives to be certain that your new spouse, or another trusted person, has the decision-making authority that reflects your wishes.

About the Author

Lizette Sundvick

Lizette B. Sundvick is one of the longest practicing female attorneys in Las Vegas, Nevada. She has been a member of WealthCounsel, LLC since 2002 and has received training from various legal and coaching organizations, such as WealthCounsel, LLC, the Nevada WealthCounsel Forum (Founding President – 2009-2012), National Network of Estate Planning Attorneys,...

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Wonderful to Work With

“Lizette and the staff are wonderful to work with and always give us excellent, on target advice. The sense of protection and confidence we have with the Sundvick Legacy Center allows us to relax and enjoy life.”
- Shirley & Terry L.

Glad To Have Met Her

“Lizette sees the entire playing field and gets clients to see the same field. She interprets client goals well, even though the clients may not voice them adequately, if at all. We feel that she uses her extensive knowledge and tailors it for clients to make their situation better. We are exceedingly glad to have met her.”
- The Harris Family