Obligations from prior unions. Discuss your alimony or child support payments and when they end. Think over if you receive assets from a former spouse, will remarrying stop the receipt of a particular heritage or discontinue financial consideration; whether a previous spouse have legal claim to your employer-sponsored retirement plan savings; and whether either of you required to provide insurance coverage for an ex-spouse.
Property issues. Decide whose house becomes the matrimonial home and what should be done about the other. Moreover, figure out who will own or live in the house if the owner dies, if the marriage ends, or if a widowed spouse remarries.
Remove the home from consideration as a combined marital asset if you want to live the house to your children. In spite of the best preventative measures, you still risk losing the home. And unfortunately, all it can take is a judge or an aggressive divorce lawyer.
Helping children. Second marriages often include blended families or the creation of a new family. That’s why you should establish how much financial support each child will receive for optional costs not mandated by a court. And for this you have to decide whether the child's biological parent will be responsible for this support, whether it will be a combined expense, or whether it will come from the proceeds of past marriages and/or from future marital assets.
Be aware that federal financial aid forms require that a stepparent's income be listed. Stepparent’s income will likely affect the amount of financial aid the child receives from the government even if the stepparent has no legal duty to contribute to the child’s education.
Specifically naming your stepchildren in your will as beneficiaries is essential as they may not automatically inherit from your estate.
Estate planning. Many former spouses have inherited life insurance policies that were not part of a divorce settlement! So remarriage is an excellent opportunity to review your will and the beneficiaries of your assets.
Nevertheless, your will or trust is created in another way, the laws in some states may entitle your spouse to a portion of your estate. Work with your financial advisor and/or lawyer to establish trusts that preserve assets in the way in which you intend.
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