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Financial Complexities
of Remarriage One Daytime TV Host’s Engagement Highlights This Topic by Melissa Attanasio, CFP®, CDFA®, MAFF®
In November, viewers watched while Hoda Kotb announced her engagement to Joel Schiffman on the “Today” show. The 55-yearold morning show icon and breast cancer survivor shocked her co-hosts and viewers alike with her surprise on-air announcement. Remarriage can open a beautiful new chapter of life. Financially established couples in their 50s deciding to remarry raises complex financial challenges and difficult conversations for the spouses-to-be. Kotb, for example, reportedly earns $7 million annually as host of the “Today” show, while earning additional income from book sales. Her net worth is an estimated $30 million according to Celebrity Net Worth. Schiffman doesn’t have the name recognition of his Emmy-winning fiancée, but the veteran finance executive has compiled wealth and assets of reportedly $19 million. Schiffman already had a daughter of his own from a previous relationship when the two started dating. Later, while living with Schiffman, Kotb adopted two baby girls, the older in 2017 and the younger in 2019. This power couple’s new family dynamic highlights the need for preparation and planning when remarrying later in life. Specifically, prenuptial agreements (keep in mind, I have yet to meet a prenup that has not been challenged) and a separate property detail list of financial assets and liabilities. Financial goals and detailed estate planning should be discussed and secured before tying the knot.
WELL-BEING
Compare Financial Goals and Dreams Begin by having an honest conversation between you and your partner regarding each party’s financial status. Discuss your ideal lifestyle and how it compares to your future spouse’s. Once your visions are aligned, you can then bring the conversation to the present to discuss the cash flow management by creating a spending policy and discussing dynamics needed to get there. This can range from establishing joint accounts, reviewing historical spending for both parties and fixed expenses. When it comes to creating a strategy, the conversation is often best guided by a Certified Financial Planner™ who can provide wisdom and experience in cash flow management, which is often the area of contention for most couples. Creating alignment from the beginning assists in the success for your marriage. A Certified Financial Planner™ can recommend investments, insurance considerations, income tax, retirement, estate planning, and risk management. They can also open the conversation to areas like debt and liabilities that might otherwise be uncomfortable to bring up on your own. Take a Full Inventory of Assets Each partner should create a detailed inventory of their assets. You may have been single for some time and accrued wealth and property since your prior marriage, and it is best to list all separate property. List your bank, investment, retirement, pension, and children’s 529 accounts. This list should also include real estate, jewelry, automobiles,
SPRING 2020: LVWOMANMAGAZINE.COM
