Saying “I DO” Again – Top Eight Issues to Consider Before Taking Your Next Trip Down the Aisle
Most people are aware of the statistic that 50% of marriages end in divorce, and the statistics for divorces in second marriages are even higher with a rate of 70%. Often with second marriages, couples will have to address issues that were not a factor when deciding to marry for the first time, such as having accumulated assets and debts prior to meeting their new prospective spouse, having children from previous relationships, and having financial obligations stemming from previous marriages.
In order to better prepare yourself to walk down the aisle again, here are the top eight things to consider:
- Have an open conversation with your prospective spouse about your assets and debts.
- Consider the benefit of a prenuptial agreement as a highly recommended tool for protecting yourself in the event that your marriage ends in divorce and ensuring your family is protected in the event the marriage ends in death.
- Communicate with your prospective spouse your need for a prenuptial agreement preferably before wedding planning begins.
- Discuss whether your former spouse has rights to any assets, such as retirement accounts, pension plans or real estate.
- Address whether you are still obligated to pay any alimony or child support obligations.
- Review life insurance coverage and check your beneficiary designations.
- Discuss expectations in the event that the marriage ends in death and include those provisions in your prenuptial agreement.
- Meet with your estate planning attorney to find out how your upcoming marriage will impact your current estate plan, and whether your estate plan will require updates to comport with the provisions of your prenuptial agreement and the benefit of setting up a trust to protect the interests of children from a prior marriage.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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