Financial Considerations When Entering a Second Marriage

Second marriages are likely to have many more stressors than first marriages, especially if you have children from a different relationship. Not only are there step-parenting relationships to build, but you are also likely to have some unresolved issues with your previous partner as well.

Among these considerations are certain financial problems and issues that you will have to think through before getting married a second time. The following are some of those issues:

• Prenuptial agreements. Studies have shown that second marriages are more likely to end in divorce than first marriages, which means that prenuptial agreements are probably more important for second marriages as well. You need to be on the same page as your future spouse, however, as prenuptial agreements are only valid if entered voluntarily by both parties, and if the terms of the agreement are deemed fair.
• Child support. If you are the custodial parent, it is likely that the amount of child support you receive will decrease significantly if you get remarried. If you are the non-custodial parent, your future spouse should be made aware of your child support responsibilities and understand that you are obligated to make your payments.
• Spousal support. If you are receiving spousal support, that will come to an end should you enter into a second marriage. Make sure that you have made all of the appropriate adjustments to your financial planning.
• Court costs. If there is any chance that you will be continuing to battle in court over issues like child custody, make sure that your future spouse is aware of this, as continuing litigation can be extremely costly.

For more information on the financial considerations that could impact a second marriage, speak with a knowledgeable Long Island divorce attorney at Bryan L. Salamone & Associates.