How does a new marriage affect your finances?

On Behalf of | May 15, 2022 | Divorce |

If you have been divorced and are thinking about getting married again, you may want to think very carefully about how the new marriage will affect your finances. Not only should you think carefully about your own finances, past, present, and future but you may also want to seriously think about the same in the person with whom you are considering marrying. If you were careful regarding your finances for a long time, many of the assets that you have accrued may be affected by the new marriage.

In addition to your assets, another thing that may be affected is the presence of your children and the children of your new spouse. In any case, it is something that should be well thought out and discussed at length before any decisions are made. The situation is most likely far more complicated than it would be if you were young and just starting out in your first marriage.

New approach

Not only is the exact value of the finances important but the way that both you and your future spouse approach handling the finances now and in the past is also a significant factor, which may affect both of you as well as the rest of your family. If you are thinking about entering into a new marriage, you should not only consider the way that the finances were handled in the past but the present and future of your finances are also relevant and extremely important.

One thing that is really important in such a situation is to be completely honest with each other regarding information surrounding your finances. There are times when it is painful to come clean about financial disclosures (actually, any information that is related to finances) and it can also be difficult to hear it from the other person. However, it is necessary to put all of your cards on the table so that you both understand clearly what you are dealing with.

Money is one of the major issues between couples

Considering that many couples fight about money and it is commonly a major cause of divorce in the United States, getting everything out into the open will hopefully make your relationship strong and solid. When a couple is embarking on a second, third, etc., marriage, the changes are very good that they will end up with a blended family when they marry. In that case, it is critical that serious discussions occur between the parents and the children.

All of the people involved will become one family unit (no matter what they have otherwise) and they should all be on the same page when it comes to the new family’s financial status no matter what they were used to in the past. It is important for the parents in the new family to manage the expectations of the children to the best of their ability so that everything runs as smoothly as possible.

Solid advice from a knowledgeable family law attorney

Divorce is rarely an easy situation and it is important to manage it in the most amicable, smoothest way possible. This is where a Pennsylvania family law attorney may be able to make all of the difference. The attorney can help you to protect your rights and to ensure that your assets are protected. It is in your best interest to protect the assets that you have for the sake of you and your family so that everyone is satisfied.

FindLaw Network