Division of property can be harder the second time around

Posted By Michael R. Varble & Associates, P.C. || 25-Jul-2012

Most people in New York who have been divorced once are cautious when they contemplate getting married a second time. It's reasonable to think people wonder if it will work the second time around or end in divorce yet again. The crux of those thoughts though may be about heartbreak, not necessarily about division of property and assets in a second divorce.

Recovering from a first divorce can take a long time depending on the circumstances. Even in the most amicable divorces, there are usually financial losses. Splitting up assets, alimony payments, child support, attorney's fees; the effects of all of these may linger for years after a divorce. That may make remarriage a tricky proposition.

Most people, other than celebrities and the wealthy, don't consider prenuptial agreements. However, they are not only for the rich and famous. A prenuptial agreement is simply good financial planning. And those who choose to draft them simply want to make sure that the assets each party has going into a marriage, whether it's their first, second or more, stay with them in the event of a divorce. Furthermore, a prenuptial agreement can ensure that your children from a previous marriage inherit the assets that you brought into your current marriage in the event of a divorce.

Of course, for those who don't have a prenuptial agreement and are facing a second divorce, gathering as much information as possible about what each party brought into the marriage can be helpful. Hopefully this is something that has been done as a matter of course as part of sensible financial planning anyway.

Ultimately, it pays to be aware of the laws concerning property division that apply in New York whether it's one's first or subsequent marriage. That may help diminish the hit in the event a divorce is deemed the right solution for the parties involved.

Source: CNBC.com, "Second divorces multiply the cost and pain," Reuters, July 12, 2012

Categories: Divorce

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