Planning for Remarriage

If you're planning to remarry, you must decide how you and your fiance will combine your finances, and you'll need to plan a financial strategy that considers the assets, liabilities, and financial responsibilities that each partner brings to the marriage. You'll find that financial planning for marriage is more complicated than it was the first time you got married, because your life isn't as simple now. You may have acquired more assets. You may have children now. You may want to plan more carefully this time, now that you're familiar with the financial consequences of divorce or the death of a spouse. You're older, perhaps substantially older, and you and your spouse may be concerned with retirement and/or estate planning.

Tip: Many of the issues you face will be no different than the issues individuals marrying for the first time must deal with. These issues include budgeting, savings and investments, insurance issues, integrating employee and retirement benefits, and property ownership issues.

Protecting your assets

You may worry that if you remarry, you won't be able to leave the bulk of your estate to your children as you had planned. Or, you may want to protect the assets of your partner in the event that you have to enter a nursing home, because after you marry, your spouse's assets (as well as yours) may have to be depleted before Medicaid will pay the cost of your care. Fortunately, there are many strategies you can use to ensure that your estate is transferred according to your wishes and to protect your spouse's assets (and your own) against the high cost of long-term care.

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