Managing your money following a remarriage

By David Pye, Clearfacts, May 11, 2011

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Oh, what a tangled web we weave…especially when complicated first-marriage issues carry over to a second one.

Marital bliss the second time around is not without its financial planning concerns, according to a recent MSN Money report on remarriage.

If you’re hoping that your second chance will be golden, here are some essential steps for ensuring that you avoid some of the most common pitfalls of remarriage:

  • Look at long-term planning and the bigger picture, particularly when it comes to financial, will and estate planning for your children;
  • Avoid family feuds by keeping communication channels open and discussing your plans with your children;
  • Examine the tax consequences of your appointed RRSP beneficiary, as selecting your spouse creates a tax-free rollover;
  • A new marriage revokes a will, so it’s critical to make updates;
  • Consider two types of insurance, including one type for the children and another for the new spouse;
  • Consider entering into a marriage contract, which can separate assets destined exclusively for your children;
  • Consider drafting powers of attorney to determine who will handle financial matters in the event of your incapacitation;
  • Consult with a trusted financial planner and a lawyer.
Read this article at :
http://www.clearfacts.ca/family/couples/managing_your_money_following_a_remarriage

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