Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
The harsh fact is that if you're remarrying and have many assets you need to get a pre-nuptial agreement. It's valuable and almost essential to have in writing an agreement that protects the each of you.
Make a plan
By their very nature retirement accounts are individual accounts. However, if you are a boomer and get remarried the two of you should immediately draft a plan as to how you will combine your other finances. This needs to include any insurance policies as well as your savings accounts and investments.
Again this is not a pleasant conversation but you need to discuss whether one or both of you had divorce decrees or some court mandated beneficiary relationships. If so, it's critical that you be aware of this and how it applies to your new marital situation.
Discuss debts and spending habits
It’s also important to sit down and talk about your spending habits and your debts but without starting an argument or being offensive. Your betrothed might be unwilling to discuss current or old debts and his or her spending habits. But this is a very important conversation to have because money issues are often the cause of breakups. If you and your about-to-be-spouse have very different approaches to managing money and how you spend it this can cause tension and serious problems in your relationship. And as painful as it might be you need to be totally honest about past debts so you can resolve any issues together. Don't keep skeletons in your closet as they will eventually come out and could really hurt the relationship. For example, if it turns out one of you has a bad credit score or had filed for bankruptcy at some point this could prevent you from purchasing a home, a business or from doing something else financially.
Protect your assets
There’s another thing people in their 20s rarely need to worry about and that's children from a previous marriage. But if you are age 60 or older it's almost certain that one or both of you have children. You will both probably want to pass on some of your assets to those children. In some cases this can be as simple as having properly designated beneficiaries. In others, you may have to utilize more complicated trusts. However, regardless of the scenario if have assets and want to protect your children you should definitely consult a qualified professional.