Get a Prenuptial Agreement
The average age for women entering a second marriage is 37, while for men it’s 39. By this stage, you may have accumulated retirement assets or a personal investment portfolio or have a substantial stake in a family business. You might also have gained significant assets in the divorce settlement from your first marriage, such as sole ownership of a home or a shared agreement with your ex-spouse to maintain ownership.
A prenuptial agreement for this new marriage can help clarify which assets will remain separate and not be subject to division in the event of a divorce. For instance, if your new spouse moves into a home you own and contributes significant labor or resources, they could claim partial ownership during a divorce, regardless of the deed. A prenup can clearly define ownership, removing that issue as a point of contention. Additionally, you might have assets you wish to reserve for your children from your prior relationship; these can be outlined in a prenuptial agreement to help ensure your estate plans are honored. Your prenup can also outline alimony arrangement. [Read more: 7 Ways Prenuptial Agreement Protect Marriage the Second Time Around]
Tip: If you’re already in a second marriage, consider a post-nuptial agreement, which can cover similar issues.
Understand Alimony and Financial Changes
If you receive alimony from your first marriage, be aware that this support will end when you marry a new spouse or possibly sooner if you’re cohabiting. Cohabitation can be grounds for modifying or terminating alimony. The loss of alimony could significantly impact your finances, so it’s crucial to assess how this will affect your ability to cover your mortgage and other living expenses. How will you and your new spouse manage these expenses? Will you combine incomes in a joint account or maintain separate accounts (recommended)? What about credit card debt and other debts each of you has? Come to an agreement on these issues before the first bills arrive after your wedding.
Tip: Financial transparency is key to avoiding surprises. Consider working with a financial planner or accountant to gather and review your financial documents and plan for the future.
Review Child Arrangements
If moving to be with your new spouse is necessary, or if you’re blending families, consider how these changes will affect your children. Is your former spouse supportive of your child’s relationship with their new step-parent? Will the step-parent contribute to the child’s financial support? Could adoption of the child by the step-parent be an option?
As you plan your wedding, remember the significant changes this new phase will bring to your children’s lives. If you plan to move and are the custodial parent, you’ll need permission from the child’s other parent or a judge. This change might also require an adjustment to your parenting plan or custody arrangement.
Tip: Even if you and your new spouse have been together for some time, marriage marks a major transition. Allow your child time to adjust. For many families, individual or group therapy can be helpful in making this transition a positive experience.
If you want to learn more about legally preparing for a successful second marriage, contact us for a consultation. Our experienced family lawyers are here to answer your questions about prenuptial agreements, alimony, child custody, child support, and more.
Schedule a consultation with one of our highly experienced family law attorneys today by calling 888-888-0919, or please click the button below.
Schedule An Initial Consultation