Property division the second or third time around

When a Massachusetts marriage ends in divorce, some newly single people jump right back into the love game. For some, the end of their marriage left them feeling a bit defeated, and the urge is strong to get back out there and find love. For others, infidelity on the part of their former partner has left them in need of validation and vulnerable to entering into another bad relationship. However, it is important to realize that many second and third marriages also end in divorce, and issues such as property division become more complicated the second time around.

Statistics show that the divorce rate for first marriages sits between 40 and 50 percent. For those in their second marriage, that number jumps to as high as 60 to 67 percent. And for unions in which at least one spouse is on their third try, the chance of divorce is a staggering 70 to 73 percent.

By the time most spouses complete their first divorce, their net worth may be reduced due to alimony or child support obligations and the outcome of property division. This leaves individuals with less as they enter into their second marriage. If that union also ends in divorce, the resulting division of assets could be financially devastating.

When considering a second or subsequent marriage, it is important to take a close look at the reasons for and results of one’s first divorce. Identifying the issues that led to the split can help to avoid making the same mistakes with a new spouse. In the same way, a loss of assets due to property division the first time around could prompt many to consider drafting a prenuptial agreement for any future Massachusetts marriages.

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

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