Planning a marriage is exciting but you need to give some thought to your financial arrangements, especially when it is the second time around.
The number of remarriages is on the rise so it’s important for second – or even third – timers to understand the financial implications for them and their family.
Resolving outstanding issues
One of the first questions to ask is whether there are any loose ends from your previous marriage that need tying up. Remarriage may prevent you from being able to resolve these further down the line.
Couples often agree their financial and childcare arrangements informally between themselves and it isn’t until one party wants to remarry that the other decides to challenge those agreements. We can help you formalise your arrangements prior to remarriage.
Another issue to consider is that you may be prevented from making a financial claim against your spouse after you have married again, whereas your spouse may still be able to claim against you. This can be particularly upsetting for your new partner, as it may involve them having to disclose their financial position. Even if you are living together, your former spouse may apply to the Court for information about your new partner’s financial status if they believe it may have altered your household income.
People sometimes embark on a new relationship whilst their divorce is still progressing and in these cases we explain in detail how their financial settlement may be affected and what options are available.
If the relationship begins after your divorce has been finalised, it is still important to speak to us and seek expert legal advice before remarrying. We will look at all the potential pitfalls prior to your marriage and ensure that a previous divorce on either side won’t throw up any unexpected financial challenges.
If you have a spousal maintenance order, this usually comes to an end on remarriage. You will therefore need to consider whether you can manage without the maintenance payments.
If you are the one paying spousal maintenance, will you still be able to afford the payments when you are living with a new partner? We can help you re-evaluate your position and, if necessary, reduce your payments. We can also advise you on the best way to proceed if you are concerned that remarriage might mean you will be asked to pay more.
Remarriage can also prompt some difficult discussions about future finances, current assets, family interests and inheritance.
People are often torn between wanting to provide for a new partner and protecting their wealth for their children and grandchildren. They may want to provide for a partner in the event of their death but retain their wealth if the relationship should end.
We recommend that you talk to us as soon as you plan to remarry to check that your financial position is as secure as possible.
At Harrogate Family Law we have a strong reputation for protecting wealth and making agreements as water-tight as possible. We deal with complex cases on a regular basis and are able to identify all of the possible issues and pitfalls. By investing in expert advice from our family law specialists you know you are entering your new marriage in the strongest possible financial position. You can also be confident that we will help you deal sensitively with any potentially emotive issues that arise, leaving you and your partner to concentrate on planning your future together.
Andrew Meehan is individually recommended for family law by both Chambers 2018 (York, Hull and surrounds region) and the Legal 500 2017 (Leeds/West Yorkshire and North Yorkshire region).
He is also the only Resolution accredited specialist solicitor in Harrogate for divorce cases involving complex financial and property matters.
This article has been prepared with the aim of providing general information only and does not constitute legal advice in relation to any particular situation. While we aim to ensure that the information is correct at the date on which it is added to the website, the legal position can change frequently, and content will not always be updated following any relevant changes. In addition, everyone’s circumstances are different and this article is provided by way of general information only and must not be relied upon. If you require legal advice on a family law issue, please feel free to contact us by emailing email@example.com. Harrogate Family Law accepts no liability whatsoever in contract, tort or otherwise for any loss or damage caused by or arising directly or indirectly in connection with any use or reliance on the contents of any part of our website, except to the extent that such liability cannot be excluded by law.