Remarrying can be an exciting prospect, but it comes with plenty of logistical hurdles along the way. Many people who get remarried are in middle age or older. As such, their personal and financial lives are already stable and established, which makes major lifestyle changes difficult.
Having the best checking accounts possible can make some of this financial management easier. When you're working with financial institutions that offer excellent support services alongside great accounts, you can get the advice you need to make difficult decisions. Five of the most important issues that must be addressed before remarriage include:
1. Disclosing problematic financial issues
Whether you have bad credit, lingering student loan payments, or a unique personal perspective on how you handle money, any kind of potentially problematic subject is best discussed prior to getting remarried. Chances are both partners in the situation bring their fair share of financial baggage. Furthermore, wealth and debt can put pressure on a relationship if there is a significant difference between partners. These points of tension should open any discussions to avoid any surprises down the line.
2. Considering a prenup agreement
Establishing a prenuptial agreement prior to getting remarried can protect all parties involved. You can use a prenup to clearly define access to different checking and savings account funds, determine the split of resources in the event of a divorce, and otherwise set expectations around the marriage. A prenup can be perceived as something indicating a lack of trust, but when handled well it is a means of protecting everybody from excessive damages in the event that the marriage ends in divorce.
3. Assessing how to handle account merging
Individuals getting remarried probably have a blend of accounts in place, from an online checking account to savings, money market, and other account types. Developing strategies to merge accounts with a new life partner is essential. Determining the right mix of individual and merged accounts is a highly personal matter, but financial institutions can help you work through the logistics of the move once you have made your decision. Make sure you connect with your bank to evaluate fees and processes associated with account transitions so you know what to expect prior to completing an account merge.
4. Dealing with retirement assets
The legal provisions surrounding how retirement assets are handled after divorce or the death of a spouse will also dictate what happens to those assets in the event of remarriage. The specifics of how this will play out depend on the provisions in the contracts and funds that were set up in your first marriage, and are often determined in the aftermath of the initial marriage. It is vital to evaluate the retirement assets you are currently entitled to and determine if getting remarried will change any of those entitlements so you know what to expect when getting remarried.
5. Updating your will
Everything from who you prefer as your beneficiaries to the assets you have available can change after getting remarried. Do not forget to revisit your will to reflect your new situation in life.
Getting remarried comes with plenty of logistical issues to manage, but the best checking accounts do not just provide overdraft protection and allow for online banking. They also come with a financial services provider that will work with you and offer advice as you go through life changes. At Comerica Bank, we provide a blend of digital banking solutions and traditional personal service, giving you convenience to manage your accounts and guidance in how best to do so as you work toward remarriage.