Financial Considerations Before Remarrying in California

Marriage is an exciting time in anyone’s life, and often, it can be even more exciting the second time around. Remarriage can give a person a second lease on life as they begin their next chapter. That said, when couples get remarried, they may be significantly older than they were when they got married the first time, and as a result, they may have a wider range of assets (think stocks, 401(k)s, retirement accounts, etc.) as well as more saved away in the bank. For this reason, it’s best not to jump right into remarriage without first considering your finances, including how you and your future spouse will manage those finances and how you can protect them from the worst-case scenario: a second divorce. Please continue reading and reach out to our knowledgeable Los Angeles family law attorneys to learn more about financial considerations before remarrying and how our legal team can help you make a plan that works best for you.

Financial Matters to Consider Before Remarrying

The first thing you should do is have a frank conversation with your future spouse about your finances. What are your goals? Do you prefer saving or spending money? What things would you like to purchase in the future? Do you or your future spouse have any debts or liabilities? Who will pay off those debts? Does either of you have a history of squandering money?

These are just some of the most important questions you should be asking before getting remarried. Once you’ve assessed the financial risk of marrying this person and have devised a plan regarding how you each will handle your finances, you should consider drafting up a document to protect your assets, should you ever decide to get divorced again in the future. If you haven’t yet married your partner, you can draft what’s known as a prenuptial agreement. In this agreement, you can outline each asset that belongs to you and will belong to you, should you get divorced, and your future spouse can do the same. Of course, drafting such an agreement isn’t exactly romantic, but it can give you and your spouse the peace of mind you need to move forward confidently with your marriage.

If you would like to learn more about these agreements or you have any additional questions about financial planning for remarriage, please don’t hesitate to give us a call today.