Second marriages are much more financially complicated than first marriages. Each spouse brings with them the experiences they gained from their previous marriage, as well as all their assets and debts related to that marriage and a Pennsylvania divorce. With this come many more things that need to be considered before walking down the aisle again. In today’s blog, your Pittsburgh Family Lawyers discuss things to keep in mind prior to tying the knot a second, or third, time.
Prior to getting remarried the individual should review and revise their Will, insurance policies, and any pension plans to include their soon-to-be spouse as a beneficiary if possible. Similarly, they should review all of their financial obligations, such as child support and alimony, with their future spouse so that they can both be aware of their financial situation.
The couple should also spend time going over each other’s assets. Not only to know what they will both be bringing together in the marriage but also to establish how title is going to be held for each asset once they are married. For example, if one of the individuals had children in their prior marriage and would like to leave some of their assets to their children after their passing it is important to ensure that title to those assets stays with that individual. It is also important to understand who holds title to which assets because that may largely affect the finances of the couple. Individuals that are remarrying should always keep in mind that their previous divorce agreement may be affected by the common changes that occur with the new relationship.
Likely the most important decision for the couple to make is whether they should enter into a Pennsylvania prenuptial agreement, more commonly known as a prenup. Individuals who are remarrying should always consider the use of a martial agreement to protect their children, individual assets, and plan for the financial issues that may arise if the marriage were to end. These agreements put in a formalized way the agreement that the couple has come to with regards to the assets and finances that they should have already discussed.
If you are looking to remarry and are concerned about possible legal issues that may arise or are seeking to enter into a Pennsylvania premarital agreement contact our Western Pennsylvania family law attorneys at Lisa Marie Vari & Associates. Our attorneys will be able to advise you on what you and your future spouse should go over prior to your marriage. Contact our office today to set up a consultation.