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Marrying finances – for the second time

Getting hitched again? These strategies can help ensure that money doesn’t come between you and your new spouse.

By Karen Cheney, Money Magazine contributing writer
October 30, 2009: 4:26 AM ET
(MONEY Magazine) — When Kimerby and Tony Simmons were married last month at a vineyard in the foothills outside Atlanta, they participated in the African-American tradition of jumping over a broom – an act symbolizing their entrance into a new phase of life together.

For Tony, 41, this was the second time making such a leap, his previous marriage having ended in divorce. That breakup “put a big dent in my finances,” says the software sales executive. “I thought there was no way I was getting into another relationship.”

But then, on a flight from Chicago to Atlanta, he met Kimberly. And, soon, he fell in love. “It was the flight that changed our lives,” says Kimberly, 39, for whom this is a first marriage.

As they enter this new phase, the Simmonses will face hurdles bigger than that broom, particularly when it comes to their money. Tony enters the union with slightly less in assets than his new wife but far greater financial obligations: With three kids from his first marriage – ages 8, 16, and 21 – he has child support, alimony, and future college bills to pay.

To continue reading this article from CNN/Money, click here


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