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Managing finances when preparing for a remarriage

A previously married bride or groom preparing to walk down the aisle again in Tennessee may have accumulated a lot of assets. For this reason, there is usually a need for individuals to protect accumulated assets and children from previous relationships in the event of divorce or death. It's generally suggested that someone planning a remarriage give themselves enough time prior to exchanging vows to identify their priorities and set immediate and long-term financial goals.

Remarriage plans may also include prenuptial agreements, which can dictate such details as the division of assets and liabilities should a subsequent marriage end. Contrary to popular belief, it's a document that can actually provide important safeguards for both parties, regardless of who brings what into the marriage. With a remarriage, there's often a need to address previous obligations and arrangements involving such things as debt payments, alimony, college tuition funds for children from a prior marriage and other expenses from previous lives.

One commonly recommended way to accomplish this is for both parties to set up joint accounts for mutual lifestyle expenses and keep investment, savings and checking accounts separate. A prenup can also serve as an estate planning tool by limiting a second spouse's ability to inherit certain assets. Furthermore, it's helpful for remarrying couples to update existing wills and medical advance directives. This advice also applies to designated retirement plan and insurance policy beneficiaries.

A lawyer can provide assistance with the drafting of a mutually acceptable prenuptial agreement before the knot is tied again. One of the steps an attorney may take is consulting with a financial adviser to help the client sort through their existing assets so well-informed decisions can be made. Provisions can also be added to protect existing business assets.

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