Remarrying is undoubtedly a celebratory time in your life. But before these festivities begin, you and your new spouse must have discussions regarding your financial situations and how they will be handled once you are married. Follow along to find out what financial considerations you should have before remarrying and how a proficient Suffolk County prenuptial agreement lawyer at Peter V. Mandi & Associates, Inc., can help you understand what these conversations should cover.
What should my financial considerations be when remarrying?
After your divorce, you are likely all the wiser about what financial implications are tied to marriage. With this, you likely know how important it is to go into your new marriage prepared finance-wise. Below is a list of financial considerations you and your new spouse should have before entering into your marriage:
- Assess your financial risks: you and your new spouse should be open and honest about whether you have any credit card debt, student loan debt, personal loan debt, or any other significant financial obligations. With this, you should make a verbal agreement on how you will handle these debts once you are married.
- Draft a prenuptial agreement: though this is not popularly known, a prenuptial agreement does more than draft a plan in the event of a divorce. In fact, this agreement can state how you want your finances to be managed once you and your new spouse are married (i.e., whether your and your new spouse’s incomes will be combined to pay household bills, how your and your new spouse’s inheritances will be distributed, etc). If you are already remarried, you and your new spouse can still draft a postnuptial agreement.
- Revise your estate plan: say you want your children from your previous marriage to take ownership of certain assets instead of your new spouse. Then, you must update your will, retirement accounts, life insurance policies, and every other facet of your estate plan.
What happens to my alimony payments when remarrying?
First, it is worth mentioning that alimony payments are never meant to be permanent. So, if you have been receiving them from your former spouse, this is just a temporary payment plan until you prove that you are financially independent once more.
So, if your former spouse learns about your remarriage, they may file a petition for a post-judgment modification so that they can terminate their alimony payments to you. In this petition, they can argue that your new spouse will now provide you with the financial support that you require.
Nonetheless, you must make this a financial consideration when remarrying, and also employ a Suffolk County divorce modification lawyer to deal with your former spouse.
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If you require strong and dedicated legal representation through a divorce or family law matter in Long Island, New York, contact Peter V. Mandi & Associates, Inc. today.