(CNN MONEY Magazine) — When Kimerby and Tony Simmons were married last month at a vineyard in the foothills outside Atlanta, they participated in the African-American tradition of jumping over a broom – an act symbolizing their entrance into a new phase of life together.

For Tony, 41, this was the second time making such a leap, his previous marriage having ended in divorce. That breakup “put a big dent in my finances,” says the software sales executive. “I thought there was no way I was getting into another relationship.”

But then, on a flight from Chicago to Atlanta, he met Kimberly. And, soon, he fell in love. “It was the flight that changed our lives,” says Kimberly, 39, for whom this is a first marriage.

As they enter this new phase, the Simmonses will face hurdles bigger than that broom, particularly when it comes to their money. Tony enters the union with slightly less in assets than his new wife but far greater financial obligations: With three kids from his first marriage – ages 8, 16, and 21 – he has child support, alimony, and future college bills to pay.

Such financial challenges are typical for second-time-around couples, who often enter into marriage with children to support, not to mention significant income and savings disparities. Additionally, the spouses, often older and more established, may be hesitant about joining financial lives, particularly if money caused tension in their previous relationships. “They’re coming in with baggage,” as financial educator Ruth Hayden, author of “For Richer, Not Poorer,” says bluntly. Those going down the aisle a second time need to unpack these money issues:

With second marriages the stakes may be higher in terms of the assets and liabilities each partner brings. To quell any tensions before they arise, each should prepare a list of what’s owned and owed. Then start the conversation with the obligations: Determine who will be responsible for what. Will you, for example, help tackle your spouse’s debts? In particular, says Hayden, discuss expenses related to children and exes, as these can drive a wedge of resentment between newly reweds. Tony’s planning to pay his child support and alimony from his commissions to keep that obligation separate. Meanwhile Kimberly, a clinical pharmacist, wants to help with college savings: “We’re both committed to doing the best thing for the children.”

Next up: the plus side of your balance sheet. One of the toughest issues couples in second marriages face is how, practically, to marry assets and income. All joint, all separate, or a mix? Most financial pros advise having at least a joint checking account. “It helps you act as a couple with money,” says Hayden. But it needn’t be all or nothing: Kimberly and Tony, for example, will combine some money but also have their own accounts for discretionary spending. Whatever you choose, do develop savings goals together so you have something positive to work toward as a team.

To make sure everyone is provided for after your death, you’ll want to … Revisit beneficiary designations. These trump a will, so be sure your ex spouse isn’t listed on retirement accounts and insurance policies.

Rethink wills.

Be sure to leave money outright to your children from a previous marriage – or they may end up with nothing, depending on the state. If the kids are minors, set up a qualified trust for them (you can place accounts with beneficiary designations under this too), and name a third party as trustee so that there’s no risk your spouse will disinherit them. With other money, you may want to set up a qualified terminable interest property trust (QTIP). That way your spouse can draw income after you die, but what’s left over after his or her death goes to your offspring. Otherwise your partner’s heirs, not yours, could get the money, says estate attorney Charles Pyke Jr. of Stockbridge, Ga.

Consider a prenup. Besides stating how money will be divided in a divorce, a prenuptial agreement can also spell out your estate wishes. And as a bilateral contract, it’s harder to contest than a will. Despite these benefits, Tony and Kimberly chose not to sign a prenup. As she says, “We didn’t want to go into this thinking there was an out.” Fair enough.

More than half of those who remarry decide to fully merge finances. Turns out, the instinct to join may be a good one.

A prenuptial agreement, which couples mainly use to state how money will be divided if the marriage doesn’t work, can cost from $2,000 to $25,000. Is it worth it? Maybe, if you …

1. … have a family business. With a prenup you can cut the spouse out of business appreciation, says attorney Mitchell Karpf. “Otherwise he or she may be entitled to half.”
2. … have vastly more savings than your spouse. If you’d be unhappy splitting assets squarely in the event of a divorce, you may want a prenup to state a different arrangement.
3. … have kids from a previous marriage. A prenup can back up the terms of your will by spelling out the assets that you don’t want your spouse to inherit upon your death.

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Minutes ago, I received a forwarded email (the new chain letter) telling me to forward it to as many people as possible.  In return I will receive $245 for every person that forwards this email to another person, etc.  The best part is within 2 weeks, Microsoft is going to send me a check for the entire amount!  WOW! The email goes on to explain that the original author of the email collected a whopping $24,800 for forwarding this email. The author tells everyone that “2 pages were devoted to this in USA Todayon Tuesday”. Come on people. Are you that greedy and gullible?

I receive “forwarded emails” from time to time with a few recipients listed (less than 6). This email had over 20 persons listed as recipients per forward which equalled approximately 80 people receiving this one email.

Now for the truth. I went to USA Today and searched for this “eureka” of free money and did not find anything that supports it. I called my friend who forwarded it to me and asked if they took the time to verify the information. “Verify? Why take a chance? I just forwarded it.” He went on to express his need for the money. 

“if it seems too good to be true, it typically is”

The Internet, that started as a legitimate vehicle for learning, business, and sharing information worldwide has turned into a pile of dung and scams. Try this experiment:

Go to Google and search these terms:  “make money”, “living honestly”, “finding employment”.  Here are the results:

• “make money” yielded 203,000,000 results
• “living honestly” yielded 21,600,000 results
• “finding employment” yielded 41,800,000. results

Why do you think “make money” yielded 7-10 times the results of the other search terms?

We all know there is no such thing as “free money”.  The only way I know of to get totally “free money” is by purchasing a $2 lottery ticket and being lucky enough to have the winning number.  Of course most of the people I know that play the lottery are in the hole so deep they can’t see the top. I spend approximately $40 a week on the lottery.  I would have to win over $10,000 to break even on what I’ve spent on the lottery over the past 5 years. Yep – that’s free money for you.

Money is received from only a few sources:

• You earn it
• You inherit it
• You sale something and keep the profit
• You find it
• It is given to you

If you are looking for ways to improve your bank balance, I can help.  I promise these will work.

• Save money – spend less
• Sale stuff you don’t need
• Work harder and earn more
• Don’t play the lottery

For every honest way to make money on the Internet, there are at least 40 that will waste your time and take your money. The vast majority of these are designed to “suck you in” with your own greed. In actuality, someone is making money on the Internet – its the person that was able to catch a fish like you to participate in their program. I’ve seen sane friends of mine invest huge sums of money in online stores, reseller hosting, resume sites, and other online ventures that produced nothing. I will say that some eBayers make profits and do well online. eBay would be one exception.

Go to eBay and search for “established Internet businesses”.  If you will take the time to read through a couple of listings, you will find an offer to buy a website that “estimates” you will make $XX per sale per day, per week, per month, and per year. Each “estimate” is larger than the one before. It appears to be easy money that will enable you to quit your full-time job, work online for an hour a day and make huge sums of money. What a deal – for only $95!

About 6 months ago a very close friend of mine called me and asked if I would like to join them and take advantage of a money-making proposition. After some discussion I found it was a pyramid or multi-level marketing program.  I would need to invest approximately $2200 and then recruit 4 other people who invested $2200 and so on.  My “payouts” would come from the people I signed up. While some of these folks are making more than their initial investment, it’s still something I don’t want to be part of. I politely told him that I preferred to keep friends as friends and my business as business. I wonder if they are paying taxes on the money they are receiving?

In summary, greed is a powerful thing. It will make normal, every day people take every penny of savings out of the bank and invest it in something the promises double your money back or even triple. This would be the best time to remember that old saying “if it seems too good to be true, it typically is.”

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