5 financial factors to consider if you are remarrying

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Anyone who has experienced the bereavement of being widowed or the pain of divorce will tell you that the breakdown of a marriage leaves you burned in more ways that you would expect. On top of the emotional trauma which takes centre stage, the end of a marriage also means a total overhaul of most aspects of your life from your daily routine to where you live. It is also unbelievably expensive, especially if you are having to cover the legal fees of a divorce process.  

Finding another person who you want to spend the rest of your life with is an achievement, and you deserve to celebrate this bond with the happiness, trust, and security that marriage brings. However, second marriages are bound to be more complex than your first foray into wedded bliss due to the additional considerations of your ex-partner, any children involved, and the previous romantic experiences of you and your intended.

Given the need to safeguard the other people who would be affected by your second marriage, as well as the need to protect yourself, make sure to contact specialists in estate planning for financial advice before joining yourself legally to your new husband- or wife-to-be. They will be able to shed light on all the decisions you need to make with regards to your estate such as updating your will and merging your finances. Estate planners can also advise on how best to protect your assets and the inheritance of any children from your previous marriage.

Although not particularly romantic, discussing the financial implications of marriage is a must before you venture back down the aisle. As well as the additional people involved in a second marriage, you are both bound to have accumulated significant wealth and assets over the years which you will no doubt be keen to protect. Before you take the plunge and say, ‘I do’, make sure you consider these important financial factors:

Spending Habits

After being totally independent for a considerable amount of time, you will have developed your own particular spending habits and a budget that you like to stick to. Discuss your values with regards to spending and saving money and make sure that you and your partner are on the same page. Consider creating a new budget that covers small joint purchases e.g., the weekly shop.

Protecting Your Assets

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Especially if you have substantial assets such as your own property or business, consider setting up a pre-nuptial agreement. This is a legal document which lists all individually and jointly owned assets and any outstanding debt, and outlines how these will be divided between you and your partner should the marriage fail. A pre-nuptial agreement is not legally binding in the UK, but it is a good way to show your intention of any special arrangements for your existing wealth, such as specifying the children from a previous marriage as the inheritors of particular assets.

Your Estate

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Did you know that getting married invalidates your existing will? Make sure that you are not left unprotected and prepare to update your will as soon as you have walked down the aisle.

Joint Purchases

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Deciding to purchase something with your new husband or wife means that you are both responsible for paying off any debt that is connected with it, such as the mortgage on a property. Be aware of your financial obligations with regards to any joint purchases you choose to make.

Pre-existing Debt

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You need to walk into any new relationship with your eyes wide open, particularly with regards to finances. Prior to your wedding, openly discuss any pre-existing debt that you both have and the reasons for it. Once you are married, you could be liable for making repayments towards that debt.


Considering these financial factors before you remarry will ensure that your second marriage is smooth sailing all the way.

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