After a divorce, many people choose to eventually remarry. According to the Wausau Daily Herald, more than 40 percent of all weddings in the U.S. are second marriages for at least one of the spouses involved.
This second chance at marital bliss is not just a new emotional and romantic endeavor, but it can also be a chance to reassess financial goals and strategies, the news source reports.
Remarriage allows individuals the opportunity to reboot financial situations. Many adults look first to their past financial obligations and investments. These strategies may change if one or both of the spouses is now paying or receiving child support or alimony. Additionally, debts incurred during a divorce can be an important financial factor.
Financial situations regarding insurance should be considered. Insurance policies come in many shapes and sizes, so individuals must take their current family structure into account when finding the most economical and comprehensive plan available.
Estate planning must also be addressed once one marriage ends and another begins. It is important to have the correct people indicated in these legal documents regarding inheritance, end-of-life care and power of attorney.
According to Smart About Money, communication about financial matters is important among spouses, particularly in remarriages. Finances should also be discussed seriously before a remarriage is finalized.