Finding a new partner after a marriage ends can be fulfilling, exciting experience. It’s also a common one — in the United States, 40% of marriages involve at least one party who has previously been married. For Virginia couples looking to walk down the aisle for a second time, or even just move in with a partner, there are many important financial considerations. One that often tops the list for these types of couples is spousal support, along with child support and any other post-divorce financial responsibilities.
Financial and relationship experts strongly recommend full transparency prior to combining households and blending families. Depending on what is revealed in these conversations, one party may feel it necessary to protect individual assets. This can be especially important in situations where one person is entering the marriage with significantly more debt, assets, or responsibilities like spousal support and child support.
Estate planning is another area worth particular consideration for individuals remarrying or moving in with a new partner. In some cases, this could be as simple as naming the new partner as power of attorney or next of kin in estate planning documents. In other cases, taking an ex off certain documents, navigating the topic of guardianship for children from past relationships, or even working out spousal support payments from the estate could be on the table.
In each of these conversations, legal expertise and advice is critical. A Virginia family lawyer can represent an individual who is going through a divorce and also help to navigate available options if the situation or circumstances change. Spousal support is one area where circumstances changing can have a significant impact, making it key to seek legal counsel especially when choosing to remarry.