When considering a second marriage here are some things to do and discuss.
Expose your credit
- Take a look at credit scores together.
- Discuss if any steps need to be taken to improve credit.
- Shows the amount of credit between both of you and you can determine if they are needed.
- May want to consider keeping credit separate.
- Look at credit scores twice a year and discuss.
- Are you paying alimony or child support?
- Is it affordable as a couple moving forward?
- Estate documents are needed to protect assets from first marriage as it applies to children.
- Clear expectations on the money from the previous marriage and where it will go.
- Could there be claims on assets from an ex-spouse?
- What is the impact on pensions, annuities, and other investments?
- Time to “scrub” all assets and determine who is entitled to them.
Step to create a healthy financial future in a second marriage.
- Set a time to have an open conversation.
- Talk about where you feel financially vulnerable.
- Discuss why you may have sensitivity about money.
- Get a prenup if you have substantial money and assets coming into the marriage.
- Know what your state laws are on titling assets.
- Joint or Rights of Survivorship or in one name have different impacts.
- Create a Will
- Healthcare and financial POAs
- Any other legal documents created and discussed with your family.
- What will happen to assets should the marriage not work out.