Getting remarried? Add these 6 financial tasks to your to-do list
TL;DR
Remarrying later in life can have a significant impact on your finances, particularly if you have children from a previous relationship, pensions, investments, or substantial assets. Wills, beneficiary nominations, inheritance tax planning, and ownership of property should all be reviewed before or shortly after marriage. Taking the time to update your financial plans can help protect your new spouse, preserve wealth for your family, and reduce the risk of unintended consequences in the future.
Getting Married Again? Protect Your Financial Future Before You Say “I Do”
Remarrying is an exciting new chapter, but it is also an ideal time to review your financial affairs. Whether you have children from a previous relationship, existing pensions, investments or property, your decisions before marriage can have a lasting impact on your family’s financial security. Taking time to plan now can help avoid costly mistakes and ensure your finances reflect your new circumstances.
Remarriage can affect your pensions, inheritance plans and financial security. Marriage may change who receives your pension death benefits, life insurance proceeds and other assets if your financial arrangements have not been reviewed. Ensuring everything is properly coordinated can help protect both your new spouse and your existing family.
Every family has different financial priorities. Blended families often bring additional considerations, including protecting children from previous relationships, balancing inheritance wishes and ensuring everyone is treated fairly. The right financial strategy depends on your personal objectives and family circumstances.
Planning before marriage is often much easier than making changes afterwards. Reviewing your pensions, investments, beneficiary nominations, estate planning and life insurance before your wedding allows you to make informed decisions without unnecessary pressure or complexity later.
A Discovery Call helps you understand the financial implications before making important decisions. Whether you’re remarrying in the UK or overseas, an independent discussion can help you identify potential issues, understand your options and build a financial plan that supports your new life together.
If you’re preparing for remarriage and want confidence that your financial arrangements are aligned with your future plans, book a Discovery Call to discuss your circumstances and explore the most appropriate strategy for protecting your family and your wealth.
The number of remarriages in England and Wales increased by 418% in the half-century between 1969 and 2019.
The data also shows that second marriages are usually more likely to be successful than first marriages.
Maybe remarriages aren’t simply the triumph of hope over experience after all 🙂
However, there is still plenty of potential for conflict over financial matters, especially where multiple sets of children are involved.
Approaching your new marriage with honesty, transparency and trust can help build the foundations for a financially sound future together.
With that in mind, if you haven’t already, consider adding these six tasks to your “to-do” list before the big day.
1 Don’t shirk the hard questions
2 Evaluate your estate planning
2.1 Update your will and beneficiaries
2.2 Property
3 Discuss how you combine your finances
4 Talk about the “What ifs”
5 Resolve outstanding issues
6 Discuss your shared goals
7 Remarriage – Financial Q & A
7.1 How will my State Pension be affected if I remarry?
7.2 How will my employer or private pension be affected if I remarry?
7.3 What happens to spousal maintenance on remarriage?
7.4 What happens to my widow(er)s pension if I remarry?
7.5 How will my will be affected if I remarry?
7.6 How can financial advice help?
8 Conclusion
9 Further reading
Don’t shirk the hard questions
Getting married later on in life typically means having a much more complex financial picture than you had in your 20s or 30s.
Therefore, before saying “I do”, you’ll want to sit down with your partner and ask each other some tough questions that will help to paint a better picture of how you stand financially.
Some important questions to ask include:
- What are your financial assets?
- How much debt do you have?
- Do you have any obligations from your previous marriage, such as spousal maintenance or child support payments?
Approach this gently. The object is not to shame your partner for accruing debts or accuse them of poor money management.
Evaluate your estate planning
If you and/or your spouse have children from a previous marriage, then it is important that you figure out estate planning in the event that either of you passes away.
Take some time ahead of the wedding to discuss your various options and requirements.
Once you are married, you will want to have a clear picture of how you want your combined estate to be divided among children and stepchildren.
A financial adviser can help you to develop a plan that reflects the new changes to your family.
Update your will and beneficiaries
If you want your assets to end up where you intend, it is important to update your will.
Did you know?
Marriage or civil partnership automatically invalidates any previous will (except in Scotland, where it does not) but divorce does not.
In addition, the beneficiaries of pensions and life insurance policies should also be updated.
Also, if you want your children from a previous marriage to take ownership of a particular asset at your death instead of your spouse, it can take some extra planning.
If you don’t plan properly, you could die and have your spouse not sharing with your kids or vice versa.
Property
If you own a UK property as a joint tenant with your partner, your 50 per cent share passes to them when you die.
They then own the whole property and can potentially disinherit any children that you have from a previous marriage.
If you own the property as tenants in common and one of you dies and has left a will, the wishes set out in the will take precedence in deciding who will inherit the share.
You can leave your share to anyone that you choose.
For example, you can arrange for your share to pass to a trust on your death, meaning that ownership does not automatically pass to your new spouse, but they are still able to remain living in the home during their lifetime. After which ownership could pass to your children.
Discuss how you combine your finances
You and your spouse will want to discuss how you handle your banking needs.
You may find that keeping your finances completely separate is easiest (and most comfortable) for both of you.
Alternatively, you may be happier with combined accounts.
Another option would be to use what is known as the three-pot system.
Here, each of you has your own separate account. In addition, you also have a joint account. This account is used for joint expenses, such as living costs, groceries, etc.
Talk about the “What ifs”
Talking through some of the big “what if” scenarios isn’t necessarily fun, however with such an impending life change, it is important.
You should be aware of each other’s funeral wishes as well as any views around handling incapacitation.
Your partner should also know about any life insurance policies that you have as well as how to access accounts and other assets.
Additionally, it would make sense to run through all insurance policies and see where additional coverage may now be needed, or where coverage may be redundant based on any policies that your partner may already have.
Real People, Real Results
“In looking for a financial advisor, key to me was to be able to feel that the person the other side of the table was trustworthy and would place my interests at the centre of advice.
Ross gave me this feeling the first time we met and the cooperation since then has shown that it is really the case, with excellent support provided throughout the process he has been engaged in.”
— Alan Davies
More TestimonialsUnsure How Remarriage Will Affect Your Finances?
A second marriage often brings new opportunities, but it also introduces new financial responsibilities. Blending families, combining assets and updating your financial arrangements requires careful planning to ensure your wishes are reflected and everyone you care about is protected.
Marriage changes more than your personal life. Your pensions, life insurance, estate planning, beneficiary nominations and inheritance arrangements may all need reviewing. Without taking action, previous financial arrangements could continue to apply long after your circumstances have changed.
Your financial priorities may now be very different. You may want to provide for a new spouse while protecting children from a previous relationship, preserve family wealth or prepare for retirement together. A well-structured financial plan helps balance these competing priorities fairly and effectively.
Independent financial advice can help protect everyone involved. Looking at your pensions, investments, life insurance and estate planning together allows you to identify potential issues before they become expensive problems and helps ensure your financial decisions support your family’s long-term objectives.
A personalised financial plan helps avoid future disputes. Clear planning today can reduce uncertainty later, giving your spouse, children and other beneficiaries greater confidence that your wishes will be carried out exactly as intended.
If you’re preparing to remarry—or you’ve recently married and haven’t yet reviewed your financial arrangements—book a Discovery Call to discuss your circumstances and build a financial plan that protects everyone who matters most.
Resolve outstanding issues
It is important that any loose ends from your previous marriage are tied up before walking down the aisle again.
Separated couples often agree their financial and childcare arrangements informally between themselves and it isn’t until one party wants to remarry that the other chooses to challenge those arrangements.
Another issue to keep in mind is that you may be prevented from making a financial claim against your previous spouse once you have married again.
However, your previous spouse may still be able to make a claim against you.
This could be particularly upsetting for your new partner, as it may involve them having to disclose details of their financial position.
You don’t want to leave it until retirement to find out that one of you wants to spend the sunset years on a beach sipping pina coladas and the other has dreams of battling midges while fishing for trout in the Scottish highlands.
This is especially the case if you are in your 40s or 50s, as you have fewer years where you’ll be working and able to save.
So, think about what your new combined future looks like and how the two of you will plan for your goals.
Remarriage Changes More Than Your Relationship
Getting married again is not simply a personal milestone—it is also a major financial event. Whether you are combining assets, bringing together two families or planning a retirement overseas, remarriage should prompt a comprehensive review of your financial arrangements. Taking a joined-up approach helps ensure your plans reflect your new family circumstances while protecting the people who matter most.
Reviewing Your Pensions After Remarriage
Pensions are often among the most valuable assets you own, yet they are frequently overlooked when people remarry. Marriage itself does not automatically change your pension arrangements, but it is an ideal opportunity to review how your retirement savings fit into your wider financial plan. You should also check whether your nominated beneficiaries remain appropriate for your new circumstances.
Updating Beneficiary Nominations
Many pension schemes and life insurance policies are distributed according to beneficiary nominations rather than your Will. If you have remarried but your nominations still name a former spouse or no longer reflect your wishes, your benefits may not be distributed as you intend. Regularly reviewing these nominations is one of the simplest yet most important steps you can take.
Protecting Children From Previous Relationships
Blended families often require careful financial planning to balance the needs of a new spouse with those of children from previous relationships. Without appropriate planning, assets may ultimately pass in ways you never intended. Reviewing your estate planning arrangements can help ensure your wishes are clearly documented and your family is protected.
Estate Planning for Blended Families
Remarriage should always trigger a review of your Will, trusts and wider estate planning strategy. Depending on your circumstances, you may wish to consider arrangements that provide for your spouse during their lifetime while ensuring your children ultimately inherit part of your estate. Every family’s situation is different, making personalised planning particularly important.
Reviewing Life Insurance and Financial Protection
Your protection needs often change after remarriage. Existing life insurance policies may no longer provide the right level of cover, while new financial commitments such as mortgages, dependants or shared living expenses may increase the amount of protection your family requires. Reviewing your cover helps ensure your loved ones remain financially secure if the unexpected happens.
Tax and Inheritance Considerations
Marriage can affect inheritance tax planning and the way assets are ultimately passed between family members. Understanding how your property, pensions, investments and other assets fit together allows you to build an estate plan that reflects both your personal wishes and the relevant tax rules.
Financial Planning for British Expats Remarrying Overseas
British expats may need to consider different inheritance laws, tax systems and legal frameworks depending on where they live. If you own assets in more than one country or intend to retire abroad, reviewing your financial arrangements following remarriage can help ensure your plans remain effective across different jurisdictions.
Why Regular Financial Reviews Are Essential
Financial planning is not a one-time exercise. As your family grows, your wealth changes and legislation evolves, your financial strategy should evolve too. Regular reviews help ensure your pensions, investments, life insurance, beneficiary nominations and estate planning continue to reflect your family’s changing needs and long-term objectives.
Remarriage provides the perfect opportunity to review every aspect of your financial plan. Looking at your pensions, investments, estate planning, life insurance and inheritance arrangements together helps ensure your finances reflect your new family circumstances and long-term objectives while protecting everyone you care about.
Remarriage – Financial Q & A
How will my State Pension be affected if I remarry?
The new UK State Pension focuses on individual entitlements and you usually can’t use your ex-partner’s National Insurance record.
However, if you reached State Pension age before 6th April 2016, you will continue to receive the State Pension under the old system.
See my expat State Pension guide for more information.
How will my employer or private pension be affected if I remarry?
If you are a member of a pension scheme and you decide to remarry or form a new civil partnership, you will probably want to change the nominated beneficiary.
This is the person who receives any benefits from the scheme if you die.
If your new family dynamic is complex (e.g. children from a previous marriage and/or step children, you may also want to consider a spousal bypass trust.
What happens to spousal maintenance on remarriage?
If you have a spousal maintenance order in your favour, this will automatically come to an end on remarriage.
You will therefore need to consider whether you can manage financially without the maintenance payments.
If you are the one paying spousal maintenance, will you still be able to afford the payments when you are living with a new partner?
What happens to my widow(er)s pension if I remarry?
If you are receiving a spouse’s pension from the scheme of a deceased partner, it is important that you check the rules to see where you would stand if you remarry.
I would also strongly recommend getting this confirmed in writing by the scheme trustees.
Some schemes don’t care if you remarry. Others will immediately stop your pension.
How will my will be affected if I remarry?
Remarrying or entering a new civil contract invalidates any existing will (except in Scotland).
You could add a clause to your will to prevent it being cancelled by your remarriage.
However, you would probably be better off making a new will that reflects your new circumstances.
How can financial advice help?
Independent financial advice can help to prevent disagreements over money by recommending an approach that suits you both.
When you see a financial adviser, go together and discuss your priorities as a couple to ensure your finances are fully aligned.
Common Financial Mistakes People Make Before Remarrying
Remarriage marks the beginning of an exciting new chapter, but it also creates important financial planning decisions that should not be overlooked. Many people focus on the wedding itself while delaying conversations about pensions, inheritance and estate planning until later. Taking time to review your finances before remarrying can help protect your new spouse, your children and your long-term financial security.
Forgetting to Update Beneficiary Nominations
Many pension schemes and life insurance policies pay benefits according to beneficiary nominations rather than your Will. If your nominations still name a former spouse or no longer reflect your wishes, your benefits may not be distributed as you intend. Reviewing these nominations before remarriage is one of the simplest and most important financial tasks you can complete.
Failing to Review an Existing Will
Marriage can affect the validity or operation of your Will, depending on your circumstances and where you live. Even where a Will remains valid, it may no longer reflect your wishes after entering a new marriage. Reviewing your estate planning before the wedding helps ensure your assets will ultimately pass to the people you intend.
Overlooking Pension Death Benefits
Pensions are often among your most valuable assets, yet they are frequently overlooked during remarriage planning. Reviewing how your pension benefits are distributed and ensuring your nominations remain appropriate helps protect your family’s financial future.
Ignoring Inheritance Tax Planning
Remarriage can significantly affect your inheritance tax planning, particularly where blended families, valuable property or substantial investments are involved. Understanding how your estate may eventually be taxed allows you to put appropriate planning in place before problems arise.
Not Reviewing Life Insurance Arrangements
Your protection needs may change considerably after remarriage. Existing life insurance policies may no longer provide sufficient cover, or they may benefit the wrong individuals if they have not been updated. Reviewing your policies helps ensure your family receives appropriate financial support if the unexpected happens.
Assuming Previous Estate Plans Still Work
Estate planning that worked well before remarriage may no longer be suitable afterwards. Blended families often require different arrangements to balance the needs of a new spouse with children from previous relationships. Regular reviews help ensure your estate plan continues to reflect your wishes.
Failing to Protect Children From Previous Relationships
One of the biggest concerns for many remarried couples is ensuring children from previous relationships are treated fairly while also providing for a new spouse. Without appropriate planning, your assets may ultimately pass in ways you never intended. Reviewing your financial arrangements before remarriage can help reduce this risk.
Delaying Professional Financial Advice
Many financial planning opportunities are easier to implement before marriage than afterwards. Seeking independent advice before remarriage allows you to review your pensions, investments, estate planning, life insurance and inheritance strategy together, helping you make informed decisions with confidence.
Remarriage often changes every aspect of your financial planning. Reviewing your pensions, life insurance, beneficiary nominations, investments and estate planning before marriage helps protect your new spouse, your children and your long-term financial objectives while reducing the risk of future disputes.
Conclusion
Whether your previous marriage ended due to divorce or death, there is a good chance that you and/or your new partner are entering your new marriage with a range of assets, debts and other financial obligations, not to mention children who may need financial support now or in the future.
This makes it vital to determine how you and your partner will handle the various elements of your financial life.
Doing so involves much more than deciding whether or not to keep separate bank accounts and who pays the bills.
Talk to an Expert
Remarrying is an exciting new chapter, but it can also have far-reaching consequences for your pensions, estate planning, inheritance and long-term financial security. Without careful planning, remarriage can unintentionally change who inherits your wealth and leave children from previous relationships with less protection than you intended.
I'm Ross Naylor, a UK-qualified Chartered Financial Planner and Pension Transfer Specialist with nearly 30 years' experience helping individuals, blended families and British expats align their pensions, investments, estate planning and inheritance strategies with their new family circumstances.
I firmly believe your location in the world should never be a barrier to expert, impartial and transparent financial advice you can trust.
Whether you're reviewing your Will before remarriage, updating beneficiary nominations, protecting children from previous relationships, planning for inheritance tax or building a long-term financial strategy with your new spouse, I'll help you create a plan that provides clarity, fairness and financial security for everyone you care about.
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