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Relationship Discussion (non-explicit)
Reply to "Second marriage finances"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Not sure there’s one best way to do this - I think it really depends on what people are coming in with, if there are kids, how much income both are making, if properties are owned prior to 2nd marriage and so on. Before remarrying I did a lot of research and spoke to an attorney as well as my future partner to figure out what would make sense. Our situation: previous kids, both owned a home and had preexisting financial investments and HYSA and both worked. [b]We sold our homes, bout a new one. [/b] We combined a joint checking account to pay bills and mortgage. Left all other accounts separate and have all of that stipulated in an agreement that states what we came in with we will leave with. Everything post our legal marriage is spilt 50/50. [/quote] This was true with my father too, both with previous kids. But the home is worth $15-20MM, he died, and his widow will leave this house to her two kids, not to his.[/quote] This is why we have legal documentation saying what happens if one of us dies and how the house/other money is put into a trust if kids are under 18 or given to them if older. The conversations are not fun but it’s important to think about how to protect yourself and your kids - it can be done! [/quote]
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