Planning for Remarriage

Planning for Remarriage


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.

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Remarriage and Prenuptial Agreements

Even if you have never thought about signing a prenuptial agreement, it's wise to consider it now. That's because one or both spouses in a remarriage may have significant assets, business interests, or children to consider. Here are the issues that prenuptial agreements typically address:

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Remarriage: Sharing Assets and Debts

Remarriage: Sharing Assets and Debts table.

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Providing for Children from a Previous Marriage

Providing for Children from a Previous Marriage table.

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Planning for Marriage to Someone with Children
  • Payments usually continue for a specified period
  • Payments could increase in the future
  • Your future spouse's ex-spouse can request that the court increase support payments as a result of your contribution to the household income

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Remarriage with Children: Income Tax Considerations
  • Usually must be included in the gross income of the recipient
  • Can be deducted by the payer (if all requirements are met)
  • The divorce agreement may designate alimony as nontaxable and nondeductible
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Prepared by Forefield, Inc. Copyright 2011.




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