Relationships can be challenging, especially as one considers taking the step of marriage or divorce. Not only can family situations cause emotional stress, they can also create stress financially. Too few people in Pennsylvania understand the financial steps that have to be taken during the divorce process. Even fewer know what they need to do, such as creating a prenuptial agreement, when they want to get remarried.
The number of Americans getting married multiple times has greatly increased over the last decades. While remarriage can give someone a new chance at love, there are some things that need to be considered. If a person or his or her spouse has had a former marriage, it becomes crucial to look into one’s financial situation. The first step is to change one’s life insurance policies and beneficiaries in accordance with his or her new relationship status.
Before getting remarried, or even marrying for the first time, one may want to consider obtaining a prenuptial agreement. This can help protect one in the event of a divorce. A prenuptial agreement will make provisions for the children from previous relationships, as well as document decisions regarding financial assets and debts. Although one may not see the necessity for such an agreement, it can be quite helpful in the long run.
The financial aspect in marriage, divorce or remarriage can oftentimes be overlooked. However, these life-changing events are some of the most crucial times when one needs to be aware of his or her financial situation. Making provisions, like a prenuptial agreement, may seem like an unnecessary step to take. Many people in Pennsylvania, though, have realized the benefit of being financially prepared for relationship changes.
Source: Valdosta Today, “5 Critical Financial Issues in Remarriages”, Stacy Bush, July 28, 2014