Toronto, June 6, 2006 — Saying "I do" for the second time? Everyone deserves a chance for happiness, especially when it comes to love — and June just happens to be the start of wedding season! But with all the bliss, the planning and the honeymoon anticipation, don't forget to include a visit to the financial planner. There is a host of important decisions to make when getting married — and this is especially so for second marriages.
"By taking a 'what's mine is mine, and what's yours is yours' strategy, you may be overlooking some important planning opportunities or potential pitfalls," says Marc Lamontagne CFP, Ryan Lamontagne Inc. "For instance, did you know that divorce does not invalidate a will, but marriage does?"
While each couple will have their own unique circumstances, some things to consider are:
Pros and cons of planning as a couple or having two separate financial plans, and financial planners.
Assets and liabilities — will they merge, share or handle individually?
Factoring in and managing debt and cash flow obligations from previous marriages (e.g. alimony).
What kinds of tax implications must be considered?
Updating wills and estate planning to ensure new spouse is cared for — as well as children from previous marriage.
Real estate considerations: what to do with two homes? Options for consideration.
Insurance — updating and/or identifying new insurance needs.
Other….these are just a few — there are many more!
"Financial planning is about much more than number crunching — it's about meeting life goals. Any life event — such as marriage — is an ideal time to review your goals, circumstances and meet a planner to ensure your plans are keeping up with your life changes," says Doug Lamb CFP, CA, Spera Financial.
Care to talk to a CFP professional about financial planning for second (or first) marriages?
We can put you in touch with CFP® professionals from across Canada. Trained to provide financial planning advice, CFP professionals can answer questions related to savings and investment, insurance, tax and estate planning, education savings, budgeting and more. Many offer additional areas of specialization including financial planning for life transition, divorce settlements, gay unions, charitable giving, elder care, alternative investing — and other topics.
Financial Planners Standards Council (FPSC) is a not-for-profit organization established in 1995 to foster professionalism in personal financial planning. FPSC develops and enforces the highest standards in financial planning competency and ethics for individuals who hold the CFP® (CERTIFIED FINANCIAL PLANNER®) in Canada. There are currently almost 17,000 CFP professionals in Canada and close to 100,000 individuals who have earned CFP certification in 18 countries around the world. See www.cfp-ca.org for more information.
Heather Mills/FPSC at 416.593.8587 ext 235 or by e-mail at rhilton@cfp-ca.org or Eileen Chadnick/Chadnick Communications at 416.631.7437 or e-mail at eileen@chadnick.com.
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
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