If you are considering remarriage, you may wonder how to financially prepare yourself. Assessing the risk and burden of finances is a key consideration when remarrying. To learn more about preparing your finances for remarriage, continue reading and reach out to our dedicated Rockland County family law attorney today.
What Can I Do to Prepare Financially for Remarriage?
To financially prepare yourself for remarriage you should take time to disclose any past financial issues. You don’t want to be blindsided by your partner’s financial struggles. You should consider disclosing this information to avoid any conflict later. For example, if one spouse has a substantial amount of credit card debt, it is better to know this information beforehand to make an informed decision. Another way you could prepare yourself is by updating your will. If you have an up-to-date will, it will ensure all finances are planned for in advance. If they have frequent financial entanglements you could consider keeping your assets separate. One last preliminary step could be setting up a trust. If you have children you might want to consider naming them as beneficiaries. Either way, it is important to have some sort of clarification about each spouse’s financial situation and obligations.
How Should I Assess the Risk?
If you are looking to remarry, you should first assess the financial risk by learning how each person spends, saves, and invests their money. You need to assess all risks in order to reassure yourself that each partner can be trusted with the other’s assets. An important aspect to look at is if one partner has any bad spending habits such as an addiction to gambling. This could cause financial issues to occur. For example, if they are betting thousands of dollars every week, this could financially drain them. If they have a substantial amount of credit card debt, student loan debt, or owe the IRS they are putting themselves in a vulnerable position. These are all risks you need to take into account when thinking about remarriage.
Should I Consider a Legal Agreement?
You might want to consider a legal agreement between you and your new spouse. It is very common for those getting married again to consider a prenuptial agreement or a postnuptial one. Essentially, a prenuptial agreement determines, prior to marriage, what happens to the marital assets if the marriage does not work out. A postnuptial agreement serves the same purpose but is drafted exclusively after marriage. If you are considering a prenuptial agreement, talk to an experienced Rockland County prenuptial agreements attorney from our legal team.
Contact Our Rockland County Family Law Firm
If you are faced with a family law matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.