So the song goes - and it could be true for you or your loved ones considering remarriage. Now, we're suckers for romance, but we're about to bring up an unromantic subject - money.

Money is a touchy subject in any marriage, but it's best to discuss finances before you say "I do," especially for the second time!  By now, you've both got sizeable assets and perhaps obligations from the past to take care of. How do you tell your soon-to-be-new-spouse that you want to leave everything to your kids from your first marriage? Or that you don't want to share ownership of your house? This is a good time to consult with an estate planning attorney.

The best way to handle financial matters with your new spouse is to get your financial house in order from the start. Discuss your financial obligations, assets and debts. To help you get started, here are seven questions you should discuss:

1. What assets and debts do each of you bring to the marriage? Be sure to discuss any ongoing support you're giving to (or receiving from) a former spouse or children from a former marriage.
2. How will you treat property that each of you already own? Will this property be held in your name, your spouse's name or jointly?
3. How will you treat property acquired during your marriage? Including any increase in value of property you each already own.
4. How will you divide up the value of your pensions and Social Security? Will you each keep your own pension or be entitled to a share of your spouse's account?



There's no pat answer to any of these questions. You and your new spouse have to do what feels right for your unique situation. In addition, you also need to discuss what will happen to your estate when you're gone.

This isn't a conversation any couple looks forward to. Talking about the potential death of a spouse before the marriage even begins?! As unpleasant as this might seem, it's absolutely necessary. Here are a few pointers to guide you through the process.

5. How will you handle your home? Discuss this important, but tricky, situation with an estate planning lawyer.
6. How should your life insurance proceeds and pension be distributed? Do you want your children to get your life insurance and your spouse to get everything else? Or will the proceeds be divvied up?
7. What claim will a former spouse or children from a prior marriage have on your assets, assets held jointly and any assets acquired during your new marriage?

Once you decide how you want your estate to be handled, you need to make sure your wishes are carried out. If you don't make plans, you'll leave it up to the state to divide and distribute your estate. The best way for many people about to be married to make sure your estate is distributed the way you wish is with a pre-nuptial agreement and a trust.

Continued: Smart Estate Planning Strategies

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