Remarrying later in life brings more complexities and considerations.
You have been married before.
Perhaps multiple times.
You have now found someone you dearly love.
You want to marry them.
According to a recent The Flagstaff (AZ) Business News article titled “Financial Issues to Consider in Remarriages,” there are a few key financial factors you need to consider.
What do you need to consider?
You and your new spouse need to discuss assets, debts, and liabilities.
What are each of your credit scores?
Do either of you have alimony or child support?
Are you keeping your finances separate or merging them?
Where will you live?
How will your marriage affect your children financially or emotionally?
Once these question are addressed and you have tied the knot, you are not done.
Retirement planning will also be effected.
You should know how a remarriage will influence your social security or pension payouts.
Your estate planning needs to be addressed as well.
You will want to update your general durable power of attorney, advance health care directive, and beneficiary designations on retirement funds and life insurance.
This will ensure your money does not go to your previous spouse instead of your new one.
The older you are, the more complex your financial situation will likely be.
Work with an experienced estate planning attorney to help you create a plan specific to your goals in this next stage of life.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Flagstaff (AZ) Business News (October 26, 2017) “Financial Issues to Consider in Remarriages”