remarriage Archives | Cordell & Cordell

The Financial Ramifications Of Remarriage

remarriage Your marriage might officially end when the judge signs your divorce decree, but that doesn’t necessarily end your divorce case.

One party is often ordered to pay spousal support, often referred to as alimony. If children are involved, child support is typically ordered and there are often lingering custody issues to work out. When financial circumstances change, one party might ask the court to modify the amount or duration of the support payments. [Read more…]

Massachusetts state senator applauds alimony legislation

Massachusetts State Sen. Patricia Jehlen (D-Somerville) announced her support of the recent Alimony Bill that was passed by Gov. Deval Patrick and the state legislature, according to the Winchester Patch.

The bill was signed on Sept. 26, and Jehlen noted that the legislation was the first comprehensive modernization of the state’s alimony law in more than 20 years. She also spoke to the positive effect that it would have on Massachusetts families.

“This important piece of legislation reforms an antiquated and often unfair system,” Jehlen said in a statement. “I have heard too many stories of families hurt by the alimony system. This balanced approach takes account of changes in society and the workplace in order to make the alimony system fairer for all.”

Part of the legislation created a system where alimony will be adjusted for the length of each individual marriage. Another development was the notion that payments will end for spouses when they are of retirement age or when the other person is living with another romantic partner, according to ABC News.

The news source reported that the ruling came after several years of attempts by the 2nd Wives Club, which wanted to limit payments that they considered excessive to former spouses.

Debating whether to get remarried after divorce

After going through a divorce, many adults eventually find love again. However, some may be leery of signing up for another marriage if the emotional and financial wounds from the break-up of the first marriage are still fresh. With a little work and by drawing from lessons learned in the past, a second marriage can be successful.

According to The Wall Street Journal, first and second marriages that end in divorce last around the same amount of time, states the news source, which is very telling information.

“The fact that the divorce rate isn’t higher for remarriages shows that a lot of people are trying very hard and with great success to make their second marriages work,” Andrew Cherlin, professor of sociology and public policy at Johns Hopkins University, explained to the publication.

One of the most common ways divorced men and women start new marriages is to gain understanding from how their first unions ended, like what they can’t tolerate and what they need in a partner.

According to Better Homes and Gardens, adults who decide to remarry should remember to put all their cards on the table when it comes to finances, such as existing debts. Having an open conversation about these financial problems can save trouble in the long run.

Changing financial goals after a divorce and before getting remarried

After a divorce, many people choose to eventually remarry. According to the Wausau Daily Herald, more than 40 percent of all weddings in the U.S. are second marriages for at least one of the spouses involved.

This second chance at marital bliss is not just a new emotional and romantic endeavor, but it can also be a chance to reassess financial goals and strategies, the news source reports.

Remarriage allows individuals the opportunity to reboot financial situations. Many adults look first to their past financial obligations and investments. These strategies may change if one or both of the spouses is now paying or receiving child support or alimony. Additionally, debts incurred during a divorce can be an important financial factor.

Financial situations regarding insurance should be considered. Insurance policies come in many shapes and sizes, so individuals must take their current family structure into account when finding the most economical and comprehensive plan available.

Estate planning must also be addressed once one marriage ends and another begins. It is important to have the correct people indicated in these legal documents regarding inheritance, end-of-life care and power of attorney.

According to Smart About Money, communication about financial matters is important among spouses, particularly in remarriages. Finances should also be discussed seriously before a remarriage is finalized.

Could child support hinder a mans future marriage

Men who pay child support may be less likely to have other children but could be more likely to remarry, according to a study by Kermyt Anderson published recently in Evolution and Human Behavior. Anderson based his evaluation on the data from the Panel Study of Income Dynamics, a database regarding statistics of American households.

Anderson found from the data that men who pay child support have a lower probability of having other children, but they are also more likely to remarry.

For men who have children from a previous relationship, paying child support may show a sense of responsibility that is appealing to future partners.

“Child support payment is an honest signal of men’s willingness to commit to parental investment,” Anderson explained. “By continuing to pay child support, men signal to prospective mates that they are good investors.”

According to Robert Hughes, a professor of human development at the University of Illinois at Urbana-Champaign, in a recent column for the Huffington Post, Anderson’s findings run contrary to commonly held evolutionary hypotheses that suggest that investing in one’s previous children has a negative impact on remarriage.