Although you may have a divorce in your past, it doesn't mean you'll never tie the knot again. If you decide to once again go down the path of marriage, it's important to understand how it will impact every facet of your personal and financial life.
Creating a sound estate plan after your second marriage is easier said than done, as you may have concerns about what the future will bring. Here are some tips to consider:
- Use a prenuptial agreement: You hope your second marriage goes better than your first, but you understand that divorce is possible. A prenuptial or postnuptial agreement can help protect you.
- Think about children from your first marriage: This doesn't come into play for everyone, but if you have children from a previous marriage, you need to consider if they'll still be part of your estate plan moving forward.
- Know what you brought into the marriage: Anything you bring into the marriage should be kept separate. This way, if you divorce again, it's not subject to property division.
It's never easy to think about estate planning, even if everything has gone according to plan in regard to your personal relationships. In the event of a second marriage, you're faced with several unique personal and financial challenges, including some associated with estate planning.
Creating a comprehensive estate plan after your second marriage can be challenging, but the right approach will put your mind in a better place. Once you take care of the finer details, you'll look back and realize that it was well worth the time, energy and effort.