Most people are aware of the statistic that 50% of marriages end in divorce, and the statistics for divorces in second marriages are even higher with a rate of 70%. Often with second marriages, couples will have to address issues that were not a factor when deciding to marry for the first time, such as having accumulated assets and debts prior to meeting their new prospective spouse, having children from previous relationships, and having financial obligations stemming from previous marriages.
In order to better prepare yourself to walk down the aisle again, here are the top eight things to consider:
- Have an open conversation with your prospective spouse about your assets and debts.
- Consider the benefit of a prenuptial agreement as a highly recommended tool for protecting yourself in the event that your marriage ends in divorce and ensuring your family is protected in the event the marriage ends in death.
- Communicate with your prospective spouse your need for a prenuptial agreement preferably before wedding planning begins.
- Discuss whether your former spouse has rights to any assets, such as retirement accounts, pension plans or real estate.
- Address whether you are still obligated to pay any alimony or child support obligations.
- Review life insurance coverage and check your beneficiary designations.
- Discuss expectations in the event that the marriage ends in death and include those provisions in your prenuptial agreement.
- Meet with your estate planning attorney to find out how your upcoming marriage will impact your current estate plan, and whether your estate plan will require updates to comport with the provisions of your prenuptial agreement and the benefit of setting up a trust to protect the interests of children from a prior marriage.
