Berman & Asbel, LLP

Property division a concern for second and third marriages

Learning from our mistakes is a simple concept, but one that many Pennsylvania residents struggle to integrate into our daily lives. In matters of love and finances, we often tend to repeat our poor choices, leading many of us to experience the same negative outcomes again and again. One area that combines these two concepts is divorce, and the resulting property division process.

Statistics show that second and third marriages are more likely to end in divorce. The divorce rate for people in their first union sits between 40 and 50 percent. Those on their second marriage have a higher risk of divorce, between 60 and 67 percent. In marriages in which at least one spouse is on their third time around, that statistic skyrockets to 70 to 73 percent.

Not only do we often fail to learn from our relationship errors, many of us also fail to take valuable lessons from our financial mistakes. When we emerge from an initial divorce, many times we walk away with child support or alimony obligations, but absent half of our investments or other assets. However, even with the knowledge that a second marriage also has a high chance of ending in divorce, many fail to adequately protect their remaining assets.

When entering into a second marriage, many Pennsylvania couples want to believe that they have found their lifelong partner. While many people do find lasting love the second time around, there is no shame in making savvy financial decisions in the wake of a previous divorce. This includes sitting down with your new love and drafting a prenuptial agreement that protects both parties from the financial devastation associated with property division in the case of a divorce.

Source: The Huffington Post, "Second (And Third) Marriages: Destined for Divorce?" Jim Duzak, Feb. 8, 2013

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