Plan Together, Stay Together – Holding Onto Your Second Marriage
The start of summer signals the beginning of wedding season. According to The Marriage Foundation, divorcees who marry for a second time have a 69% chance of staying together.
But, what more can you do to make it to 'til death do us part'
Get a Pre-nup
One thing we would recommend if you're taking the plunge for the second (or even third) time is a pre-nup
. Every year, couples go through lengthy, drawn out divorces
because they didn’t establish how their funds and assets would be split if they went their separate ways. Second Marriage: Triumph of Decision over Hope
, the survey conducted by The Marriage Foundation
found that 45% of first time marriages ended in divorce. That's nearly half of all marriages in which the potential for an acrimonious divorce exists because there was no financial understanding prior to a split.
Making decisions whilst you're still amicable is better than waiting for things to go sour. Bringing up the topic of pre-nups may seem extremely unromantic, but so is going through an acrimonious divorce.
Know Your Finances
Falling in love for the second time can be an amazing feeling, but don’t get caught up in thinking this time around getting your finances in order is not a priority. Going into a second marriage means that you have already had to split what you once had with a previous spouse. Depending on the outcome, it was either a simple or a complicated process. Getting your finances in order and making sure you're both clear about how even simple things like bills will be split, can prevent that from happening.
Are you already living together or do you plan on buying a place together? These are just some of the financially based questions you should be asking each other.
Where There's a Will...
They say with age, comes wisdom and it's suggested by the same Marriage Foundation report that age is one of the most reliable predictors of marriage success. Thinking about how your marriage will impact on your belongings after you pass away is an important step. If you have children from a previous marriage, you'll have to consider how your new marriage may impact what you may have promised them in your will. Once you've have passed away, if your affairs are not in order, or they take your family by surprise, they could potentially bring a claim against it to take what they believe they are entitled to.
That's why it's best, if you are going into a second marriage to re-draft your will
to include your new spouse and to clarify what is to be left to your other family members.
Second marriages are often enhanced by the lessons you've learnt previously. Pre-nups, a clear financial understanding and updating your will are just 3 things that you must consider before walking down the aisle again.