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Remarriages, gray divorces and finances

As divorce no longer carries with it the shameful stigma that it once had, most people in Wisconsin know someone who has been divorced. Similarly, most people know someone in a second or subsequent marriage. As more people have gotten divorced and then remarried, some of them have or may be getting divorced yet again.

MarketWatch recently reported on the unique financial pitfalls that a divorce for a remarried person might come with. In a first marriage for both spouses, property division and other settlements may be less messy than in a remarriage especially if there are children from prior relationships and maybe even children from the new marriage. The financial obligations that each spouse might have may dramatically limit or change the ultimate divorce settlement pretty dramatically.

This is just one of the factors making divorce for many people in their 50s and beyond financially treacherous. According to a 2015 Pew Research Center study, people over 50 in a remarriage are twice as likely to divorce compared to their first marriage counterparts. Those married less than 10 years have a higher divorce rate with 21 out of 1,000 persons getting divorced. For people married 10 to 19 years, that rate is 17 out of every 1,000 persons.

When a spouse in Wisconsin is facing the end of a second, third or subsequent marriage and also eyes retirement around the corner, they might want to discuss their options with an attorney so that they may approach the situation fully informed and able to make the best decisions for their future.

 

 

 

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