There is no matter if there is the first marriage for one of you, or both of you are veteran married, but it's likely that each of you is entering your new partnership with assets much greater in value than toasters and vacuums.
For many couples it is helpful to create pre-nuptial agreements to legally sort out such issues as:
- Having significantly more assets than your new spouse;
- Having children;
- Owning or expecting to inherit a business.
It will assure that what you bring to the marriage stays in your family in the event of a divorce or of your death.
You both should be coming about many things when it comes to another trip down the aisle. You should pay your attention to:
Full disclosure of credit histories and ongoing debt. Be open about credit card debt and honest about you owe on mortgages or for parental care or medical bills. Marriage, sometimes, can make you a co-debtor.
Extent of total assets. Itemize real estate, incomes, pensions, savings, cars, collectibles, business interests, investment portfolios, life insurance policies, etc. You may want to entitle specific assets in your name or jointly with your child, not with your new spouse, if you live in a community property state. And your lawyer can advise you on the best path here.
Financial assistance of the marriage. You should determine whether you will keep separate bank accounts or create mutual accounts. You have a choice to contribute to a joint account for combined costs and retain a separate account for individual discretionary or compulsory expenses.
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