For Richer or Poorer... Again

First comes love, then comes marriage. Then comes divorce and the blush of a new love, marriage again, and the host of financial issues that plague most couples the first and second (and Elizabeth Taylor-like eighth and ninth) time around.

There are certainly a lot of financial advantages to being married. (Here are five!) But there can also be many more complexities with your happy new union. Taking on the role of Dr. Phil is Consumer Reports, which offers some sound financial guidance for couples who remarry:

  1. Disclose your finances to each other. (Yes, even that five-figure amount you owe to Mr. MasterCard.)

  2. Complete a prenuptial or postnuptial agreement to identify the assets each of you is bringing to the marriage. It should also spell out who gets what, should your starry-eyed love flicker out or if one partner -- gulp -- dies.

  3. Set up a new family budget and determine how you'll pay your joint expenses.

  4. Decide how to title your joint assets. After all, you don't want your ex laying claim to your stuff at an inopportune time.

  5. Develop a new estate plan, including new wills, durable powers of attorney, living wills, health-care proxies, and trusts.

  6. Adjust your dependency exemption on your tax withholding and review your insurance coverage to make sure you have the proper life and disability coverage for additional dependents.

If you've decided to forgo the pricey diamond and tulle gown and simply shack up together in unwedded bliss, facing these issues is even more important. Though many of the same estate planning and medical directive rights are available to unmarried couples, the difference is they don't happen automatically. You've got to fill out the paperwork to make your wishes recognized in the eyes of the law.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 490460, ~/Articles/ArticleHandler.aspx, 10/26/2016 6:00:14 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 8 hours ago Sponsored by:
DOW 18,169.27 -53.76 -0.30%
S&P 500 2,143.16 -8.17 -0.38%
NASD 5,283.40 -26.43 -0.50%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes