Will Remarrying Affect Your Financial Situation?

By Rob Windgo

Will falling in love after a previous marriage and years of building wealth benefit or affect your financial situation? Most of the times finding a partner that makes you happy is more important than thinking about money but your love for each other should not stop you from seeking some financial advice before getting married.

It's a matter of security for your future relationship as well as for your previous one especially if you have kids. You should realize from a financial perspective that the tax and pension rules are not always in favor of marriage for people with a substantial amount of assets. It happen to many mature couples of certain wealth to not join together because of the risk of their financial situation.

Whatever your final decision to get married or not, make sure to find out how this new relationship will affect your financial situation:

1- Protect your previous marriage kids financial future. If you have school aged kids, be aware that your new spouse income and assets will count in financial aid calculation that can affect any help your children will receive. Also protect your kids inheritance by writing a new will stating how your money and property will be distributed when the marriage ends either by divorce or death.

2- Find out how remarrying will affect your income. If you are collecting some benefits from your ex spouse, you will likely lose them when you remarry. Check also how your pension will be affected.

3- Check if merging your assets with your future spouse will benefit you. Merging your assets may increase your income tax and liabilities such as your spouse debts.

Discover The Ultimate Guide To Your Financial Freedom. Request Your Free Guide Now Article Source: http://EzineArticles.com/?expert=Rob_Windgo