Remarriage Wisdom
Romantic and responsibleIn my practice, post-divorce coaching sometimes includes considering remarriage. It takes courage to contemplate the possibility of another divorce while planning a wedding with all its shiny promise. After celebrating their experience of excitement and new hope, we weigh the benefits, rights, responsibilities, and obligations of legally and financially merging life with a new someone.
One of the first things we explore is the pros and cons of prenuptial agreement. In a recent session, my client shared:
“Divorce made me realize that every marriage has a prenup. It’s either consciously co-created by the couple, or it’s the default agreement by the state. I’m wiser now.”
After a long marriage, divorce can result in significant financial setbacks. Many people who divorce later in life start over while rebuilding their retirement savings and adjusting to living on a reduced income. This can be particularly challenging for those supporting teens/young adults through college. By outlining the division of assets in the event of a divorce, a prenup can address how the couple intends to divide assets should they divorce. Often, people wish to protect the financial well-being of their children from a previous marriage/relationship.
Considering the statistics surrounding divorce rates is part of this exploration. According to the American Psychological Association, 67% of second marriages and 74% of third marriages end in divorce. The risk of losing many of their assets in the event of a divorce with fewer years to recoup retirement savings is a valid concern.
My clients discover that taking the extra step to protect their assets, with the hope there will be a legacy to leave each of their children, and affording themselves peace of mind is as essential as taking another shot at happily ever after. They’ve crafted some incredibly creative and romantic prenuptial agreements that serve as a solid foundation for building their new marriages.
If you’re considering remarriage, I invite you to allow yourself to take time to consider your values while hoping for the best and planning for reality. Many affordable online services assist with the legal forms or will take you and your fiancé through the process from start to finish, like Turbo Tax for prenups. It’s always wise to have a family law attorney review before signing. Here’s to checking this task off your Pre-wedding To Do List!
