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Financial preparation for a second marriage

If you have gotten a divorce and are ready to get back into the dating scene, there are a few things to consider before you jump into a second marriage. One of them is your finances.

Your divorce divided your marital assets, perhaps causing you to lose some significant ones. Your credit may have taken a severe hit, and you may still be paying legal fees, child support or alimony. Get your financial state in order first to eliminate avoidable problems in a subsequent marriage, even if you do not ever get a second divorce.

Differentiate your property

Before your next wedding, establish what is your personal property and what are joint assets if you have already started comingling your finances. The same Florida laws on marital property apply no matter what number marriage you are on. Be aware that certain actions can turn separate property into marital, such as adding your new spouse's name when you refinance your home, or contributing to your new spouse's business.

Make a prenup

Even if you are sure this marriage will last, a prenup can give you peace of mind so you do not have to worry about property division and other financial issues in case of divorce. Preventive measures can protect your financial security. A prenup also opens up communication between you and your spouse, which can benefit your marriage.

Create new estate plans

Whether or not you remarry, you should update your estate plans to reflect your current circumstances. However, what you change will depend on if you have a new spouse. You may want to change who the beneficiaries of your will are and how much they receive. You may want to name a new guardian for any minor children or adults with special needs. You may want to appoint a new power of attorney for both your finances and medical decisions. Update life insurance policies and any other accounts as well.

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Law Office of Philip J. Schipani
1605 Main Street, Suite 608
Sarasota, FL 34236

Phone: 941-366-8333
Fax: 941-366-7331
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