Augusta GA Divorce Attorney - Discuss finances when remarrying after divorce
While money can be a source of tension in any relationship, couples who are remarrying after divorce may have an entirely different set of concerns to address, especially if children are involved.
Financial philosophies
While many newlyweds are just beginning their adult lives together, those who remarry already have experience in sharing a household with another person and making financial decisions together.
Their approaches to money may be completely different. It's a good idea to understand these differences now and to develop a financial approach that will suit your new family.
Choose how you will make decisions and monitor your finances, as well as what kinds of accounts you will share or keep separate. Also discuss the terms of any divorce decrees if they include payments to a former spouse or children that will affect your finances.
Also decide if you will be adding each other's names as beneficiaries on insurance policies, 401(k) plans, individual retirement accounts, investment and savings accounts, or any other assets and how your blended family may be affected.
Consider a prenup
Prenuptial agreements can help any couple establish guidelines about assets in case of divorce. Many people believe they are unromantic, but they can be very useful, particularly if one or both spouses have children from a previous marriage or if one spouse will be quitting a job to stay home with the couple's extended family.
The agreement can spell out what assets each spouse is bringing to the marriage and how money will be distributed if the marriage ends.
Don't try to work out the details yourselves. Instead, share your wishes with your attorney and let them negotiate with your spouse's lawyer. When everyone in your blended family knows where they stand financially, it can mitigate unnecessary future tension.
Think long-term
A will is an important document that can ensure your wishes are followed. Wills are particularly valuable in remarriage because, like a prenuptial agreement, they provide a legal basis for how money will be distributed.
Your new marriage may also prompt you to increase your life insurance to cover new family members.
Alexandra Gonzalez-Waddington is an Augusta GA divorce lawyer & Georgia Military Divorce Lawyer Augusta Georgia domestic mediator. She is an Augusta military divorce lawyer, GA child custody attorney , and Augusta Georgia child support attorney. She offers mediation for divorce, child custody, and child support.
