Getting married is a major life event and change at any age or under any circumstances but New Jersey residents who get married after having previously been divorced face a unique set of concerns. If you are considering getting married for the second or third time, you should take the opportunity to carefully review your current and future financial plans with your to-be new spouse.
As Forbes explains, one of the considerations you may need to discuss is your health or your partner's health. As you are older than when you got married the first time, you may well have health concerns or conditions that you did not have when you were younger. Discussing how you will take care of your health needs is important, especially if one of you dies.
Speaking of death, estate planning for blended families can be very complex. Emotions can always run high when the time comes to manage a deceased person's estate but the addition of stepchildren, stepgrandchildren and a new spouse adds to this. A prenuptial agreement may be your best friend as it can help to adjunct other estate planning tools you have. It can help protect your assets and ensure that special things stay with your children and the same is true for your partner. This peace of mind can help your families as well as the two of you.
With less time in front of you to make up financial losses for retirement, a prenuptial agreement can also help you in the event that your new marriage does not last until death.