Planning a marriage is exciting but you need to give some thought to your financial arrangements, especially when it is not the first time around.
The number of remarriages is on the rise so it’s important to understand the financial implications for you and your 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 protect your financial position before 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 details of their financial position. Even if you are living together, your former spouse may apply to the Court for information from you 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 in your favour, this automatically 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 watertight 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. Call us today on 01423 594680.
Andrew Meehan is an experienced family lawyer specialising in complex divorces involving significant or hidden assets, as well as cases involving children.
He is recommended for family law by both Chambers 2018 (York, Hull and surrounding regions) and the Legal 500 2017 (Leeds/West Yorkshire and North Yorkshire region).
Everyone’s circumstances are different and this article is provided by way of general information only and must not be replied upon. If you require legal advice on a family law issue, please feel free to contact us by emailing firstname.lastname@example.org.