Tuesday, August 9, 2011

Second marriage? Why you need to talk money early and often

MADELEINE WHITE - The Globe and Mail

Rhonda Liss, a Toronto mother of three, didn’t meet her “soulmate” until she was 44 and twice-divorced. When she moved in with her new husband, Max Kirschner, she brought more than just furniture. Her youngest daughter, who is still a teenager, also moved into Mr. Kirschner’s house, and Ms. Liss was still financially focused on helping her older daughters through university.

“I’m not one to live off of somebody, I take pride in that,” said Ms. Liss. “But I had this financial commitment [to help my daughters through university] and once that commitment was over ... I took care of some things in the household.”

Money had been a stumbling block in previous marriages, so Ms. Liss hit the jackpot with Mr. Kirschner’s openness about finances and the future. It created a level of trust that helped her tell him that she had not made him executor of her will or her life insurance beneficiary, naming her daughters instead.

This couple is lucky. Many don’t address their complicated money situations when they remarry, financial experts and marriage therapists say.

“Everything can be talked about these days before marriage,” said Edmonton-based personal finance expert Kelley Keehn. “But god forbid you talk about money and finances. They’re worse than politics or religion.”

Read the full article here: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/second-marriage-why-you-need-to-talk-money-early-and-often/article2123726/

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