When two people with significant histories and some baggage get married, there are important financial decisions to consider; children, assets, housing, retirement, health, estate planning etc. Here are some areas to think about to ensure that both individual and joint interests are protected.
Naturally as we get older health care costs may go up. Do you know your partner’s health status? Make insurance cover a priority.
Joint or separate finances?
You are probably both set in your ways. Some prefer to start with separate accounts till there is greater comfort.
Who will be responsible for the upkeep and education of children from previous marriages? Will you manage this separately or jointly? Remember, one parties children may be in more expensive schools or being educated abroad.
Review and amend your wills, life insurance policies, retirement accounts, investment funds and other assets.
Where will you live?
You both have homes. What makes sense? His house? Her house? What happens to the other house?
Protect your heirs. If a former spouse is deceased, will intended beneficiaries indeed receive transferred property? Be careful; sometimes children from a previous marriage get sidelined leading to family feuds. Prenup? Trust? Will?