Property division can be more complicated the second time around
When a Massachusetts couple is engaged, the last thing on their minds is how their property would be divided in the event of a divorce. No one want to start a marriage by planning for the details of property division in the event that the union does not last. However, statistics show that one out of every two first marriages will not last. For couples walking down the aisle a second or third time, that number swells to 67 percent. Making matters worse, spouses who face a second divorce are more likely to take a greater financial hit the second time around. One reason that a second or later divorce is potentially more financially damaging is simple: there is often less to be divided. One or both spouses may still be paying alimony or child support from a previous marriage. In addition, many people see a decline in their financial stability when a prior divorce forces the sale of assets such as a home or investments. There could also be tax implications as a result of selling off assets to settle a divorce. Factor in a lethargic economy, a slow job market and a persistent decline in home values, and it becomes easy to see how a second divorce can cause more financial damage than the first. The end of a second or third marriage may also come at a stage in life where retirement is on the horizon. Other spouses may be beginning to experience increased costs associated with
