I have a number of single women clients. Several of them have asked questions related to remarriage and what the impact might be for them. I thought it timely to write a column on the topic, and hope it is helpful to other women in similar circumstances.

In past generations, men traditionally handled the family finances. While these arrangements may have worked reasonably well during the husband's lifetime, the consequences of the wife's lack of involvement often became very clear when she was suddenly on her own -- and unfamiliar with the financial terrain suddenly thrust upon her. Today, more women are taking an active role in directing the outcome of their own and their family's future financial security. And for good reason.

The truth is, women need to plan for a time when they may be on their own. Through divorce, widowhood, or chosen single life, the odds are very high that a woman will be caring for herself at some point in her lifetime. Financial preparedness is essential for women throughout life, but it becomes especially important in the event of remarriage, since financial considerations may have to be made for ex-spouses and children. If you are in a second marriage or are about to enter one, here are some areas that you and your spouse will need to consider.

Bank Accounts. Sharing joint accounts may help to dissolve any mysteries about where and how family income is spent. Many couples decide to split expenses evenly, but consideration should be given to having the higher wage earner pay the larger portion of the bills. Also, too often women get caught up trying to help out her new partner, and do not appreciate inherent risks to her own financial well-being -- such as being fully responsible for the entire amount of any joint debt, regardless as to how the husband spent -- or misspent the money. Creditors can seize the funds in a joint account to satisfy one partner's debt. As well, one partner can drain the funds from a joint account or fail to pay credit card charges, ultimately damaging the other's credit rating. Joint bank accounts have been the bane of many a well-intentioned financial partnership, due to the misbehaviour of one partner or the other.

Prior Debt. Will each spouse be responsible for the other's debt incurred before the marriage, and if so, to what extent? Keeping the indebted spouse's prior debt separate from yours will help ensure your property remains out of reach from his creditors.

Property Acquired before Remarriage. Owning previously acquired property in your own name can lower the risk of losing personal property to your spouse's potential creditors.

Homeownership. The majority of couples choose to title property jointly. When one spouse dies, the home passes to the surviving spouse tax-free. Keep this in mind, if your existing home becomes the marital home. You could be giving up a half interest to your newly betrothed, without intending to.

Retirement. Saving enough for retirement is a major financial objective for married couples. Women have unique concerns because they often spend more time out of the workforce than men as a result of care-giving duties, and they typically, albeit regrettably and unfairly, earn less than men. In addition, women generally have longer life-spans than men, and they are less likely to have pensions and full government-provided benefits due to years spent out of the workforce. It is important for women to account for these variables when developing their retirement plans.

Insurance. Disability income insurance can provide financial protection in the event you or your spouse are unable to work because of an accident or an illness. These policies can ensure that funds for bills and expenses will continue to be available. Similarly, life insurance can provide a measure of financial security upon death. Life insurance can help ensure that children from a prior or current marriage will have the funds to attend school or university, the mortgage will continue to be paid, and the surviving spouse will have some replacement income.

Estate Planning. Blended families have unique estate concerns, so it is important to plan for the final disposition of your assets. Trusts can be a valuable tool to help ensure that your assets are distributed to your heirs according to your wishes. For example, at death your assets can pass to a trust, from which your surviving spouse could receive income without access to the assets themselves. At the death of the surviving spouse, the assets can then pass to children from your current or previous marriage, as per your wishes expressed in the trust when you created it.

This gives the surviving spouse financial security for life, and provides an inheritance for your children as well. In addition, if the surviving spouse later remarries, the trust may be used to preclude your assets from their marital or community property.

Every woman who remarries needs to balance her financial past with her financial future. By addressing your financial strategies as soon as possible, you can avoid disputes and build financial security for your extended and blended families.

Of course, the best approach to protect oneself in these circumstances is to meet with a lawyer -- prior to remarriage -- and have her draft a pre-nuptial agreement. This document will clearly define who owns what, and how the property -- be it acquired prior to the remarriage or subsequent to it -- will be dealt with as regards the rights of each party.

Each scenario is different, and depending upon your wishes, your lawyer can draft an agreement that protects your best interests, and the interests of children from a prior marriage and from the current marriage.