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Divorce can raise more financial questions the second time around

No one enters into a marriage with thoughts of divorce, but new research suggests that savvy spouses should consider preparing for the unexpected. This can be especially important for Colorado residents who have already been through a divorce.

According to the study, spouses in who face a second or third divorce may encounter a more difficult time adjusting financially, as compared to the period after their first divorce. This is a reminder that couples can never be too prepared for what may come.

The reasons behind this trend are simple. Many spouses who are facing a second divorce may not have adequately recovered from the first. Some may still be making child support or alimony payments to their former partners. Others may still be trying to adjust to the financial realities of an asset division settlement.

In many cases, there is often simply less to go around in a second divorce, since an individual is once again splitting their assets. Failure to adequately prepare could leave both spouses with more significant financial concerns than they had going into the relationship.

Furthermore, recent research pegs the divorce rate for first marriages at about 50 percent. The rate for second marriages is even higher, at 67 percent. These statistics suggest that advance planning may be one of the most practical steps married couples can take together.

Family law observers urge couples to consider a prenuptial agreement before tying the knot a second or third time, since such an agreement can protect the assets of both parties in the event of divorce, and can also address issues of inheritance for children from an earlier relationship.

Even for couples in Colorado who do not have a prenuptial agreement, financial stability is possible. It is imperative that both partners approach the divorce in a businesslike manner. The goal is to find a solution that is beneficial to both parties, with an eye on the future financial security of both. Couples are well advised to find the resources necessary to secure a divorce agreement that is both fair and reasonable, in an effort to move on to a new future with financial security.

Source: Reuters, "Second divorces multiply the cost and pain," Geoff Williams, July 13, 2012

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