Tuesday, May 28, 2024
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The Remarriage Opportunity: A Second Chance to Get It Right

Sometimes people just don’t get it right the first time around when it comes to love and marriage. The National Center for Health Statistics reports that 19.4% of women and 35.1% of men in the US had experienced at least one divorce. And many of them later get remarried.

There are a few things that folks who find themselves in this situation should remember as they begin their new lives together. Keep your possessions from prior relationships apart first and foremost. Despite the fact that it can seem obvious, many couples don’t do that.

Have a talk about what is “mine, yours, and ours,” Senior Financial Adviser at Citi Personal Wealth Management Judi Leahy suggests. She also suggests planning beforehand for who receives what. She acknowledges that it seems unromantic, but it will prevent a lot of future problems.

How to best safeguard your assets for future generations is another crucial factor to take into account. You should make sure that your former partner’s children are financially supported if you have any. Setting up a trust rather than a will is one approach to achieving this. If you choose to, you will be able to do this and retain your wealth inside the family.

Money obviously isn’t everything. Make the most of this new marriage as a chance to make up for mistakes from your first union. Focus on communication and sound money management practices while discussing disputes with money in an open manner. You can lay a solid foundation for your second chance at love with a little work.

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