Remarriage requires important financial decisions

On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, February 1, 2013.

One of the hardest things about going through a Chicago divorce is determining how to handle money matters. But it’s not just a divorce that makes finances sticky. Getting remarried also makes money distribution more complex, and in some cases it can cause hardship for those who don’t take the time to do the math.

A new spouse can change a lot of things that many may not initially think about. For example, those who were getting alimony from an ex-spouse will likely no longer get it. Financial aid for college age children might be affected as could social security payments. Also, credit ratings can be put in jeopardy in many cases.

The remarrying spouse is not the only one who could face changes. It may also affect an ex-spouse who is not getting married as well, so they too may want to seek some extra financial guidance if they hear their ex is heading down the aisle again. With so many potential factors at play, many suggest sitting down with a financial advisor before walking down the aisle in order to see exactly how your financial situation will play out.

All the confusion leads to many financial experts advising that some separate accounts are in order in a marriage, although there are also experts who claim that committing to a united front with finances can strengthen a marriage as the couple works together toward mutual goals.

Whatever is decided, of course is up to the people in the couple. Whether you choose to keep accounts together, separately, or a little of both, open communication is key to keeping both partners on the same page when it comes to financial expectations.

Source: Detroit Free Press, “Remarriage requires math, financial advisors say,” Regina Lewis, Jan. 14, 2013