Statistics show that second marriages have a 67 percent divorce rate. For many Texas couples, a second divorce can wreak havoc on one’s finances, especially since many are still paying for the first one. Second divorces can often be complicated because many people may still be paying alimony, child support or capital gains taxes on their previously divided assets.
The recession is also responsible for hitting second divorces harder. With smaller financial portfolios and job losses, divorce settlements can be even more financially challenging. But because some marriages simply don’t work forever, it’s important for people to keep in mind some preventive measures that could help save finances should divorce become necessary.
Lawyers believe a few things could help people survive second divorces. One of the most recommended items is a prenuptial agreement. While it may be difficult to bring the subject up, a prenuptial agreement could save money in the future. Those who forego a prenup may also consider splitting their assets fairly by tracking assets prior to the marriage. Digging out ownership paperwork and tracking expenses can help prove what is not considered marital property, possibly ensuring it won’t be lost in a settlement.
A second divorce can be made a little easier by advanced planning and meticulous record-keeping. The statistics show that divorce rates are higher among second marriages, but the financial hit doesn’t have to be as hard. Investing in a prenuptial agreement or keeping track of personal property may help couples survive their second Texas divorce financially intact.
Source: Reuters, “Divorce is hard, but second one can wipe you out,” Geoff Williams, July 13, 2012