Frank Financial Candor a Key Ingredient to Successful Second Marriages
I was recently interviewed about the question of what conversations should couples entering into second marriages have? In a second marriage, not only are you bringing more experience to the table, but also a potentially more complicated financial picture. You could have financial obligations to a former spouse or your children. Due to a prior divorce you may be more sensitive about protecting your assets in the event the marriage doesn't work out. You could have a strong financial picture and your new spouse could have debts.
In Financial Candor Makes Second Marriages Sweeter writer Judy Dahl combines my interview with other experts to produce a guide to the having an open financial conversation with you spouse to be. While not the stuff of romance, considering these points can help develop a strong foundation for the new partnership.
- What assets does each spouse have? Who would be entitled to those assets in the event of divorce or death of a spouse?
- What income does each spouse have or will have in the future? How will each spouse's income contribute to household finances?
- What debts does each spouse have? Who is going to pay them?
- What does your day to day spending look like? What are your long term financial goals?
- Is a prenuptial agreement for you?
