Undoubtedly, having the opportunity to remarry is a beautiful thing. However, you must have learned a couple of lessons from your previous marriage. And now, you must know that before taking this big step with your new spouse, there are financial considerations that must be taken care of. Read on to discover what discussions you should have with your new spouse before remarrying and how a seasoned Morristown prenuptial agreement lawyer of Graves Andrews, LLC, can work on your behalf if any legal agreements arise.
What should my financial considerations be when remarrying?
While financial discussions with your new spouse are not particularly romantic, they will do you a huge favor in the long run. That said, the following is a list of talking points you and your new spouse should touch on before getting married:
- Admit your financial risks: you and your new spouse must share whether you have any significant financial obligations (i.e., credit card debt, student loan debt, personal loan debt, mortgage debt, etc). After this is all laid out on the table, you should discuss how you will pay off these debts once you are married (i.e., jointly or separately).
- Construct a prenuptial agreement: while this agreement can draft a plan in the event of a divorce, it can also state how your finances will be managed once you are married (i.e., whether your and your new spouse’s incomes will be combined or separated for paying household bills, how your future inheritances will be distributed, etc). If you are already married, you can still write up a postnuptial agreement.
- Revise your estate plan: you may want to update your will, retirement accounts, life insurance policies, etc. with this significant life change (i.e., if you want your children from your previous marriage to take ownership of your assets instead of your new spouse).
What happens to my alimony payments when remarrying?
If you receive alimony payments from your former spouse, this may be disputed if you choose to remarry. This is because, in the state of New Jersey, alimony payments are intended as temporary financial assistance for a dependent spouse until they become financially independent. So, when you remarry, your former spouse may argue that your new spouse can now provide you with the financial support that you need.
With this, your former spouse may file a petition for a post-judgment modification so that they can terminate their alimony payment obligation. Nonetheless, this is a significant financial consideration you must make when remarrying, and you will require the services of a competent Morristown post-judgment modification lawyer. Do not hesitate in giving our firm a call today.
Contact Our Experienced New Jersey Firm
Contact Graves Andrews, LLC to schedule an initial consultation with our experienced Morris County family law attorneys to learn more about our services and how we can assist you.