Successive Marriage Finances: That’s Mine and You Can’t Have It!
By: Laura McDonald
Every marriage is different. And successive marriages are going to be more complicated. You’re a little farther along the financial trail this time. On the upside, you may have accumulated cash or property. There’s the downside at this junction sometimes too - debt may have followed you.
Either way, finances can be a make or break situation in your new relationship, so be sure to come to agreement on all issues. Did you agree to joint finances? If not, do you understand how your separate accounts will contribute to your budget?
If either spouse has pre-marital equity or holdings, you may wish to keep those items completely separate, especially if there are children on either side who will inherit. Don’t wave it away to worry about later, reach your agreements now! Consulting with an attorney regarding pre- or post-nuptials is an excellent idea, and just might give you both the peace of mind that will boost your statistical chances for a happy, healthy marriage. Let’s face it - statistics are staggeringly not in favor of a successive marriage lasting. Launching such a relationship with as much going in its favor as possible is simply the smart thing to do.
While you’re at your attorney’s office, inquire into exactly how your marital equity may be assessed in any property currently owned by your spouse. It varies somewhat from state to state. Ensure both of you understand all aspects in order to arrive at the best agreements concerning finances.
This approach may seem negative – is it actually planning for divorce at the beginning of a new marriage? Successive marriage makers have already seen what can happen in a divorce. Their eyes are wide open. Tackling financial what-ifs that coast into agreements will actually strengthen your marriage. Money is the number one cause of divorce. A successive marriage already carries some residual divorce baggage, some of which most likely included financial issues. Put your new marriage on the right track by agreeing what is yours, mine and ours.
Laura McDonald lives in Frankfort, KY, with her husband Patrick. She is a paralegal. Laura’s interests include psychology, movies, music, and writing. She has created a website called The Third Wives Club, directed primarily to women married three or more times. You may visit her site at: http://www.freewebs.com/luckslec/