7 Financial Considerations Before You Remarry

Don’t tie the knot a second time without getting some money matters and estate plans nailed down. It may not be the most romantic thing you do, but it could be one of the smartest investments in your marriage.

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During a beach vacation while having dinner, Hoda Kotb’s boyfriend of six years, a Wall Street financier named Joel Schiffman, proposed to her. Kotb, the 55-year-old Today show host, said yes (opens in new tab), joining a growing number of people giving marriage another shot.

According to Pew Research, (opens in new tab) two-thirds of previously married individuals between the ages of 55 and 64 had remarried as of 2013, up from 55% in 1960. Meanwhile, half of those 65 and older remarried, up from just 34% in 1960.

Embarking on a new chapter of life with a new partner by your side is both exciting and romantic. Still, more pragmatic considerations, like financial and estate planning, cannot be overlooked.

Kotb, for one, is worth approximately $30 million (opens in new tab), while Schiffman has wealth and assets worth $19 million (opens in new tab). Kotb also has two adopted children, the oldest of whom was also adopted with Schiffman, and he has a grown daughter of his own.

No matter your family situation or net worth, the following seven things must be checked off your list before you say, “I do.”

Written by Melissa Attanasio, CFP®, CDFA®, MAFF®. Attanasio is the founder and CEO of Abundant Wealth Strategies (www.abundantws.com (opens in new tab)) and Divorce Strategies Group (www.melissaa.net (opens in new tab)). The firm specializes in financial matters and comprehensive cash flow management for high net worth individuals, among them, women in transition.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC (opens in new tab) or with FINRA (opens in new tab).

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Melissa Attanasio, CFP®, CDFA®, MAFF®
Founder and CEO, Abundant Wealth Strategies

Melissa Attanasio, CFP®, CDFA®, MAFF®, is the founder and CEO of Abundant Wealth Strategies (www.abundantws.com (opens in new tab)) and Divorce Strategies Group (www.melissaa.net (opens in new tab)). Abundant Wealth Strategies is a wealth management firm founded in 1992. The firm specializes in financial matters and comprehensive cash flow management for high net worth individuals, among them, women in transition.