As most of us are probably well aware of these days, about half of all first marriages now end in divorce. But did you know that the divorce rate is even higher – about 65 percent – for second marriages? Currently, about 24 out of every 1,000 second (or later) marriages ends in divorce, compared to 17 out of 1,000 first marriages.
So what does this mean for people who are considering getting married for the second time? Certainly, a higher probability of divorce should not stop you from entering into a second marriage. However, you should take a few necessary precautions to protect your finances and your future. Your Westerville OH divorce lawyers should advise you on the precautions that will benefit you most.
If your second marriage ends in divorce, there is a greater possibility of long-term financial harm. This is because, after a first divorce, you may simply have fewer assets to divide, especially if you are still paying child support and alimony from your first divorce. In addition, you may have had to split up your retirement account or pension, and any additional cuts that are taken from those funds could leave you woefully under prepared for the future.
Further, the current economic climate means that the assets upon which you previously relied – a house, for example – may no longer be a benefit, but an additional burden that will hinder you following your second divorce.
Thankfully, there is a way to protect yourself from these financial hardships: a prenuptial agreement. Even if you don’t have significant assets, it may serve you to create a simple contract stating the assets that each spouse is bringing into the marriage and that each will take from it in the event of divorce, including retirement accounts, college funds and various other assets.