Second Divorces May Be More Costly Than First Divorces

 Posted on August 30, 2012 in Division of Property

According to a recent Chicago Tribune article, second divorces may be even more costly than first divorces for Americans. In many cases, second divorces involve older parties who have accumulated significant assets and much to lose in a contested divorce. Furthermore, parties involved in a second divorce may still be facing the financial fallout of their first divorces in terms of child support obligations, alimony payments, and the division of assets. After a second divorce, a party may be left with little or no assets given his or her aggregate financial obligations. Simply put, the financial implications of a second divorce can be overwhelming, and even result in bankruptcy for one or more parties. As a result, parties may remain married for a lengthier amount of time just to avoid the financial devastation that is likely to follow.

Unfortunately, statistics show that if you have been divorced in the past, you are more likely to be divorced again. According to some sources, the probability of getting divorced in America is 50% for first marriages and as high as 67% for second marriages. Similarly, the National Center for Family and Marriage Research at Bowling Green State University of Ohio found that in 2010, the overall divorce rate was greater for second marriages than first marriages. Specifically, their study showed that the divorce rate was 17 out of 1,000 for first marriages and 24 out of 1,000 for second marriages.

The recession has done no favors for parties to second or third divorces, either. Parties simply have fewer resources and assets to split in the event of a divorce, which can result in decreased support obligations for children of parties who have multiple such obligations.

Even with a lack of resources, however, people should be realistic as they head into a second or subsequent marriage. Whether you are a famous movie star or a person of average income, you should take steps to protect what assets you do have by entering into a prenuptial agreement. This protects both partners in the event of a divorce, which, given the current statistics, is a definite possibility.

An experienced Cook County divorce and family law attorney is the best person to assist you in drafting a prenuptial agreement in the event that you plan to enter into a second marriage. Contact your prenuptial agreement lawyer today, and get the protection that you need.