Money tips for second marriages

Money tips for second marriages

Bankrate.com | April 27, 2011

When it comes to remarrying, many couples are so caught up in the emotional rush of the moment that they don’t properly consider their future. But before you share those vows, you might want to consider Ben Franklin’s wise words: an ounce of prevention is worth a pound of cure.

Here are five key considerations to prevent common pitfalls when remarrying:

Long-term planning
“It’s not about you — that’s my mantra now,” says Richard Bennett, a barrister and solicitor in Mississauga, Ont., with 30 years of hindsight. “People tend to focus on instant gratification — what makes me happy now — and I think that’s one of the reasons we have such a high divorce and separation rate.”

The first piece of advice that Bennett gives to clients is to look at long-term planning and the bigger picture. For example, if you’re remarrying and have children — especially younger children — “you are getting involved in a package,” says Bennett. “The couple needs to look at financial planning and issues in terms of will and estate planning; not only for themselves, but for children, grandchildren and the current spouse.”

For full article at original source here.

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