If you are considering remarriage, you should take the right steps to financially prepare yourself. Assessing and disclosing financial information with your partner before marriage is essential to a successful and happy marriage. To learn more about how to prepare your finances for remarriage, continue reading and reach out to our dedicated Monmouth County Family Law Attorneys.
Why Should I Disclose Any Past Financial Issues Before Remarriage?
To financially prepare yourself for remarriage you should take the time to have an open and honest dialogue with your partner to disclose any past financial issues. Before you tie the knot, you should take into account how your partner spends and saves their money. It is beneficial to know how both parties handle their finances. By discussing any financial hardships beforehand, you can avoid conflict later. Both parties should put all of their cards on the table to fully grasp an understanding of each other’s financial situation. You should also take time to compare financial goals. It is important that your financial goals are somewhat aligned. Taking time to have an open dialogue with your partner about financial considerations is always beneficial.
Should We Keep Our Assets Separate?
When two individuals enter a marriage, it is important to know if you are going to keep your assets separate or combine them. When merging together, both parties may be bringing assets they have accumulated over the decades prior to meeting their new spouse.
Many couples choose to establish what is known as “Yours, Mine, and Ours” accounts to help keep their assets secure. Any assets they have accumulated prior to the marriage will be separated into their own individual account. They can create a joint account where they keep joint assets.
Should I Establish or Update My Will?
Having an established and up-to-date will is something every individual should have whether they are getting remarried or not. Although, if you are getting remarried you should review your will, beneficiaries, and estate plan. To financially prepare yourself, you should make necessary changes to your will to ensure your assets are secure. You will need to revise your will accordingly. If you have children or grandchildren, you will want to revise your will to protect their inheritance. If you are marrying someone with children, you may want to revise your will to include them. You may want to make changes to your insurance plan, life insurance policy, and retirement plan to reflect your current situation. To learn more about the financial considerations you should assess before remarrying, contact Paone Zaleski & Murphy.
CONTACT OUR EXPERIENCED NEW JERSEY FIRM
If you require strong legal representation for matters of divorce and family law in Rumson, Monmouth County, or anywhere in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.