Getting remarried? Over the age of 50? There are a few things you should be aware of if you plan to tie the knot again. From money myths to stepchildren, there is plenty to know before you walk down the aisle for a second or third time. Do not be afraid to speak to your partner and prepare yourself before you start a new marriage. If you do not, it could cost you dearly in the end. Vayman & Teitelbaum, Attorneys at Law, can help anyone who is going through marriage preparations and wants to set up a prenuptial agreement.
Prenuptial Agreements are a Good Thing
Too often couples see a prenuptial agreement as a way to jinx a marriage. However, that is far from reality. A prenup will make sure your property and assets go to your children. A bitter battle can ensue, once a spouse passes away, between the children from a first marriage and the partner from the second. A prenup will ensure your children and grandchildren are covered in the case of death. While so many couples see a prenup as a bad way to start a marriage, it should be seen as a way to protect an extended family.
Can a New Spouse’s Debt Affect You?
Many marriages end due to debt or financial reasons. These reasons can be from before the two of you originally got married and they can manifest themselves over time. When getting remarried, it is a common misconception that a new spouse’s debt cannot harm you, but that is far from the truth. One of the best things you and your spouse can do before marriage is be completely open about your debt. According to Forbes.com, financial transparency is a way to ensure the success of a relationship. If something were to happen to your spouse, their retirement could be used to pay off any outstanding debt. If you are not aware of the debt going into the marriage, it could cause you to miss out on funds you planned on receiving.
- Make a budget
- Know your partner’s credit score
- Prepare a prenuptial agreement
- Be aware of any previously made wills
- Be open and honest about money and debt
Do Not Be Afraid
It is wise to keep some of your financial accounts separate when getting remarried. With separate accounts, you can each pay any outstanding bills or debts you owe. This will prevent your new spouse from sharing any burden. However, being upfront about what you owe, to whom you owe it, and how long it will take to pay it off is vital for relationship survival. It is also important to remember that just because you have been through a marriage before, does not mean you should not seek advice on how to go into the next marriage. Some simple adjustments could make for happy union and protect you from past mistakes.
Vayman & Teitelbaum Can Help
The law firm of Vayman & Teitelbaum can provide you with legal guidance when it comes to prenuptial agreements. With four locations in Georgia, Vayman & Teitelbaum, Attorneys at Law, is available to give you insight into family law. Visit our dedicated prenuptial agreement page to see how we can help you. If you have any questions, contact us and let our experienced attorneys in family law go to work for you.