Financial Planning Checklist for Couples Remarrying

By TRG Advisors on May 21, 2025

Remarrying is a significant milestone that brings the promise of new beginnings and the joy of building a life with a new partner. However, the dynamics of a second marriage often differ from those of the first. Partners may bring children from previous marriages and substantial assets into the new union, which can impact the financial landscape. Before you exchange vows, it’s crucial to have open discussions about finances and establish the necessary protections for your children and your legacy. This checklist will guide you through the essential steps to ensure a secure and harmonious financial future together.

1. Pre-Marriage Financial Planning

• Review and Update Financial Goals: Assess and align financial goals with the new partner. Set up a meeting with your financial advisor to discuss any changes in your financial plan.
• Asset Inventory: Create a detailed inventory of all assets, including real estate, investments, businesses, and personal property.
• Prenuptial Agreement: Consult with an attorney to draft a prenuptial agreement to protect assets.
• Debt Assessment: Review any existing debts and liabilities.

2. Legal Considerations

• Estate Planning: Update wills, trusts, and estate plans to reflect the new marriage.
• Beneficiary Designations: Update beneficiary designations on retirement accounts, insurance policies, and other financial accounts.
• Power of Attorney: Spouses should discuss their pre-existing health conditions and have an open dialogue to establish or update power of attorney documents for financial and healthcare decisions.
• Guardianship: If applicable, update guardianship arrangements for minor children.
• Custody Agreements: In the event that you move or have a significant change in income, the court may consider modifying your custody order.

3. Tax Planning

• Tax Status: Review changes in tax status and implications of filing jointly or separately.
• Gift and Estate Taxes: Plan for potential gift and estate tax implications.
• Tax-Efficient Investment Strategies: Consider tax-efficient investment strategies and charitable giving together.

4. Insurance

• Life Insurance: Review and update life insurance policies to help ensure coverage.
• Health Insurance: Evaluate health insurance options and coverage.
• Long-Term Care Insurance: Discuss your expectations of who will care for you if you become sick or disabled. Update any dependents in your policy.
• Property and Casualty Insurance: Ensure all properties and valuable assets are adequately insured. If applicable, contact your insurance provider to add your spouse’s information to the policy.

5. Investment and Retirement Planning

• Investment Portfolio Review: Assess and potentially rebalance investment portfolios.
• Retirement Accounts: Review and update retirement account contributions and beneficiaries.
• Income Streams: Evaluate and plan for multiple income streams, including pensions, annuities, and Social Security. Determine if income from Social Security will be impacted if you currently receive survivor’s benefits from a deceased former spouse.

6. Business Interests

• Business Succession Planning: Update business succession plans to reflect the new marriage.
• Partnership Agreements: Review and update partnership agreements if applicable.
• Business Insurance: Update any business insurance policies.

7. Family and Dependents

• Financial Support for Children: Plan for financial support and education expenses for children from previous marriages. If you have a 529 account for your child, consider adding a successor participant to manage your child’s account in the event of your death.
• Trusts for Children: Consider setting up trusts for children to ensure their financial security.

8. Lifestyle and Personal Considerations

• Budgeting: Create a new household budget that reflects combined finances.
• Philanthropy: Plan for charitable giving and philanthropy.
• Lifestyle Adjustments: Discuss and plan for lifestyle adjustments and shared financial responsibilities.

9. Regular Reviews

• Annual Financial Review: Schedule regular financial reviews with your advisor to help make sure plans remain aligned with goals.
• Legal and Tax Updates: Work with your advisor to stay informed about changes in laws and tax regulations that may affect financial planning.

Remarrying is a beautiful opportunity to build a new life together, and thoughtful financial planning is a key part of that journey. By addressing these essential areas—from estate planning and insurance to budgeting and family support—you can help ensure a strong financial foundation for your future.

Take the next step today. Schedule a meeting with The Rand Group to review this checklist and begin tailoring a plan that reflects your unique goals and circumstances. Open communication and proactive planning now can lead to greater peace of mind and financial harmony in the years ahead.