4 Things to look out for Before a Second Marriage

A second marriage may disturb your loved one's finances. Second marriage for Seniors means inheriting new kids and assets. Your loved one can discuss the financial issues with his or her partner before walking down the aisle. The financial problems in future may ruin your loved one's relationship. Your loved one may talk to a financial adviser before his or her second marriage. Here are four things your loved one should consider before remarrying.

1. Discussing Finances

Second marriages do not mean two seniors starting their lives from scratch. Seniors who remarry bring together two full lives. There are important things to keep in mind like retirement, children, and ex-spouse. Often seniors may hesitate before a second marriage. The fear of losing Social Security benefits may prevent seniors from a second marriage. In some circumstances, seniors may not lose pension benefits if they wish to marry again. Your loved one may not lose a survivor's benefit or annuity if he or she remarries. Seniors who wants to remarry should consider child support expenses or spousal support. Your loved one may also want to review his or her will and insurance policies before a second marriage.

2. Managing Assets

Seniors should keep in check all the assets including stocks, bonds, or bank deposits. Assets are important to discuss and manage for seniors before a second marriage. There are many ways to choose ownership of assets. Seniors who remarry should look at the way assets get acquired after the marriage. Your loved one should give a second thought on who must hold the asset. Seniors should discuss first discuss sharing assets or who receives it after death. Your loved one's current finances may get affected by a second marriage. Seniors can make joint savings account to access fund in an easy way.

3. Clearing Debt History

It may be common for seniors to have extensive debt after a divorce. Senior couples who want to begin a second marriage should be honest with each other. The senior couple should disclose the debts each of them owes and make financial plans for their future. The relationship of senior couples may get disturbed if there are financial problems. It's better for seniors to disclose finances with each other before marriage. Seniors can keep their own credit cards instead of applying for joint credit cards. In this way, seniors may keep a good financial relationship with their new partners. Seniors should discuss with each other any past mishaps in finance to protect them both.

4. Ensuring a Comfortable Future

It may be better for senior couples to decide whether they need a prenuptial agreement. Senior couples who remarry may consider using marital agreements if they have assets. Marital agreements may help senior couples to avoid financial problems if their marriage ends. These agreements may sound like a sensitive topic for senior couples. But, it is important to be clear and transparent before marrying the person you love.

Amelia Smith is a passionate and ambitious writer and blogger with a fun loving personality. In every topic, her motto is to help others and spread happiness to help people find a reason to enjoy and live life at best. She currently works with Home Care Assistance of Las Vegas and helps seniors find a better way to age in place and enhance quality of life.

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