Money matters can be more complicated in second marriages. Unlike many first marriages, where both partners tend to be starting out, a person entering a second marriage is more likely to own a home, have other assets and debts, or be supporting children.

So what’s the best way to merge different financial lives?

“There’s no right or wrong way,” says Andy Picciano, Personal Banker with Fifth Third Bank. “It’s a matter of personal preferences.” He has seen many couples come into marriages from vastly different financial backgrounds and find common ground.

“Communication is key,” Picciano says. “And the best time to talk is before getting married. You have to be open about your debt, your preferences about keeping or selling existing homes, and the anticipated costs of raising kids.”

Assessing your needs
For many couples, a banker is a valuable resource when discussing these concerns and sorting through various financial options. “At Fifth Third Bank, we offer customers a free financial review, where we sit down and go over each person’s finances,” Picciano says.

Picciano says many couples marrying for a second time choose to have three checking accounts. They have a joint account for monthly household expenses, such as their mortgage, groceries and utilities, and each partner has a separate account for discretionary spending.

During a financial review, personal bankers can help couples with many small tasks to update, organize and simplify their financial lives. Couples may:

• make necessary name and address changes to existing accounts
• update beneficiaries
• set up direct deposit for payroll checks
• obtain an appropriate bank credit card and debit card

In addition, couples may want to ask questions about a mortgage or savings options.

Understanding prenuptial agreements
If one partner enters the relationship with substantially more assets than the other, has children from a previous relationship or owns a business, he or she may want to consider a prenuptial agreement. “Although customers will need to see an attorney for a prenuptial agreement, we can help them gather the necessary banking information,” Picciano says.

At Fifth Third Bank, financial professionals not only help customers get off to a good financial start, they also do all they can to help them plan for a rewarding future.

To learn more about finances with second marriages, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans subject to credit review and approval.

Fifth Third does not provide legal or tax advice. You should consult your tax advisor with any questions.