While many couples who go into a second marriages are often hopeful that this time it will work out, the cold truth is that those who marry a second time are more likely to divorce than they were the first time. While the national average for the first-time divorce is around 40% the average for divorce in second marriages is around 60%.
Unfortunately, asset division during a second divorce can be more complicated and often more costly than in the first. There are multiple reasons that a second divorce may result in more of a financial hit.
- Most people go through their second divorce later in life, when they own more property and assets
- Family businesses have taken more time to prosper and grow in value
- There may be complications involving property from a previous marriage
- People may quickly fall in love following their previous divorce, and fail to consider signing a prenuptial agreement
How a second divorce affects alimony and child support
In the event that you remarry, you will still need to pay any alimony to your first spouse and may even be subject to paying more. When combining your assets in a second marriage, you could be opening the door for your former spouse to seek increased monthly maintenance payments, as your income has increased through your second marriage.
Additionally, if you are ordered to pay spousal support in your second divorce, you will be responsible for both payments unless either of your former spouses remarries.
For child support payments, you will be responsible for providing court-ordered support for children from both marriages until they are 18, even if either of your former spouses remarries. Multiple alimony and child support payments can amount to a significant amount of your income throughout the year and may leave little left to cover and maintain your own expenses.
The importance of a prenup the second time around
While most couples may balk at a prenuptial agreement before a second marriage, it is recommended to not only preserve the assets that you have worked so hard in your life to achieve but also to reduce your risk of having to file bankruptcy due to significant financial losses or maintenance payments from multiple divorces. A prenuptial agreement is meant to protect both parties and ensure that businesses and other vital assets will remain yours even if the marriage dissolves.
If you are entering into a second or third marriage, always consider signing a premarital agreement. It can save both you and your partner time, money and worry down the road.