Finding the person you want to spend the rest of your life with is an exciting moment in anyone’s life. If you plan to remarry later in life, you might wonder how this time around will differ.
Although the wedding ceremony and reception might not change much, legally, things become more complex. Your remarriage might involve more important discussions and paperwork and documents than the first time around.
You need to have many discussions before your wedding
In the lovely haze of planning a wedding, likely the last thing you want to think about is heavy conversation, however, it may benefit you greatly to discuss your finances, credit history, level of indebtedness, investment strategies and how to handle bill payments and sharing paychecks or savings.
Additionally, with any children that either of you have, consider creating formal agreements with any ex-spouses regarding the children and their care. Discuss with your betrothed how you both plan to handle the children’s everyday expenses and college tuition.
When getting remarried later in life, you should also consider your future retirement plans and what you envision for your post-career life.
You may want a prenuptial agreement
A prenuptial agreement is a financial tool that outlines the division of assets and financial responsibilities in the event that the marriage dissolves. A written contract like this might serve you well, especially if you have a large income or resource disparities as compared to your partner. Before signing any such agreement, you may want to seek the advice of an attorney who will check the terms and conditions before they become legally binding.
Your estate planning documents will need updating
Estate planning is a way to organize your property in a way that will take care of your families’ needs after you die. This is especially important if you have children from a previous marriage. You will need to update your powers of attorney and change your beneficiaries on life insurance policies, investment funds, miscellaneous financial accounts and retirement accounts.
Overall, remember that remarriage is a little more involved it comes to legal documents and marital considerations so communicate with your betrothed and plan ahead.