An ounce of prevention is worth a pound of cure. This old adage is one of the wisest bits of advice out there, yet many of us fail to acknowledge its simple truth. In regard to matters of love and money, we can be especially blind to common sense, often to our own detriment. For Connecticut residents who are considering a second or third marriage, a recently published story about divorce rates illustrates the dangers of going into a union without protecting against the risk of property division losses.
Many readers are familiar with divorce statistics that suggest that a first marriage has a 40 to 50 percent chance of ending in divorce. For couples on their second union, that number jumps to between 60 and 67 percent. Those who enter into a third marriage are working against the odds, as an astounding 70 to 73 percent of third marriages end in divorce.
Making matters worse, many of us emerge from the first divorce financially worse for the wear. That leaves fewer assets to divvy up if the second marriage fails. Factor in that many Americans are marrying at later stages in their life, and a second or third divorce could leave one in severe financial straits just as retirement is, or was, on the horizon.
The best means of addressing concerns over the financial fallout of a second or third divorce is to take the time to draft a prenuptial agreement before taking a second or third set of vows. In light of current divorce statistics, doing so is not a statement concerning one's confidence in their relationship, but is simply a wise financial move. Property division can take a heavy toll on a Connecticut resident's financial stability, but the risk can be mitigated with a few savvy decisions at the onset of a new marriage.
Source: The Huffington Post, "Second (And Third) Marriages: Destined for Divorce?" Jim Duzak, Feb. 8, 2013