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Tips for a financially successful second marriage |
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Several weeks before your marriage, set aside a definite time to discuss with your partner how finances are to be handled and make an appointment for your both to see a lawyer and insurance broker for advice. ...
Points to discuss with your lawyer - If there are children from your previous marriages, decide how to change custody arrangements
- Create a trust to make sure the children from previous marriages aren't left out of inheritances
- Consider having a prenuptial agreement drawn up to show your love, commitment and practicality – you and your partner may want to keep some accounts and assets separate
- Discuss any possible changes in maintenance payments
- Update wills and other beneficiary accounts
- Gift to your children now – if they have to wait for a stepmother who is twenty years younger than Dad to die, it could be a very long time before they receive their inheritance
Points to discuss with your insurance broker - Re-evaluate your and your partner's insurance needs
- Discuss how your and your partner's parents will be cared for in future
- Consider taking out life insurance on your or your partner's previous spouse to replace maintenance payments if he or she should die
- Update and coordinate benefit packages from your places of employment, healthcare, retirement plans, etc.
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