Therefore, decisions need to be made about the co-mingling of assets and division of expenses. Wall says that most people do not enter their second or third marriage as financial equals, which is more regularly the case in a first marriage. Decide whether it’s yours, mine or oursĪ big part of merging your life with your partner’s involves deciding how to (or how not to) merge your finances. “Only until after this information is shared can you start to make important financial decisions that can have a long-lasting impact,” Wall says. To get off on the right foot and avoid surprises down the road, share all the details, like your assets, debt, credit history, and any financial support you may be required to provide or that you receive as a result of a prior divorce decree. Be transparentĪ healthy relationship is based on open and honest communication, including full disclosure about where you each stand financially. Here’s a second marriage financial planning checklist to help you as you begin your new life together. “These conversations will serve as the foundation for your financial planning decisions as you start this new chapter.” “Navigating the financial side of remarriage requires thoughtful dialogue, coming up with and implementing a plan, and leaving yourself plenty of time before the wedding to work out the details,” says Bridget Wall, advanced planning attorney at Northwestern Mutual. That’s why it’s important to take some time as you begin this new journey to put a plan in place to ensure your wishes for your family are carried out. Second (or third) marriages come with a special kind of optimism and the chance for a new “forever after.” But remarrying also tends to come with more financial complexities-particularly if you already have children. Educational Resources About Family & Work.Educational Resources About Everyday Money. Educational Resources About Financial Planning.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |