There is much to celebrate in finding another companion for your life, but there are more things to consider before you tie that knot again than you might think. According to statistics, remarriage is very common nowadays. In fact, remarriage in the United States today is 3 times as high for 2nd and 3rd marriages as we saw in 1960. Did you know that four out of ten new marriages include at least one partner who has been married before? Pew Research Center found that the number of adults who have ever remarried was at an astounding 42 million!
Although many of the considerations and tips in this blog apply to Same-Sex couples as well, there isn’t quite enough data that has been collected since the legalization of marriage equality to be included. That being said, it’s widely known that men are much more likely to remarry a younger spouse than women. The percentage of men marrying younger spouses is 67% by age 40 and 73% by age 70. Regardless of these statistics, both men and women should know what to expect before they remarry again so that both parties are successful in this new relationship.
So what should you consider before remarrying? First off, there is likely to be a disparity of the partners’ income if there is a significant age gap. This is due to the older spouse having more time in the workforce which means more time to grow their career and income. Another consideration is when one partner is retired and the other keeps working. Both of these scenarios are important to consider because, without proper planning, an income disparity could cause a rift in the relationship.
Secondly, there are some very important rules regarding Social Security for couples that decide to remarry. A remarriage could result in a loss or reduction of Social Security benefits, depending on the type of benefits received and the age of the Social Security recipient. The last consideration to keep in mind involves alimony. Alimony in Florida is based on need and ability to pay. Alimony awarded in a prior divorce could be modified or terminated based on a change in the parties’ financial situations. If one (or both) of the partners are receiving alimony from a previous marriage, they may want to reconsider marriage and/or cohabitation altogether as these circumstances could cause this income to be terminated.
With all of these considerations in place, how do you protect yourself? Get a Prenuptial Agreement. A Prenup, as it is commonly known, has many benefits. For one, it allows you to avoid a lengthy divorce process (if applicable). With a prenup, you can also set the amount of alimony payments, waive entitlement to each other’s estates and inheritance and set rules in place to provide life insurance funds if the greater earning spouse dies. It is also important to consult with an attorney to make sure that your desire to remarry, or even cohabitate with someone will not have a negative impact on current alimony you may be receiving or other benefits you may be entitled to.
Our team at McCart & Tesmer are well versed in all things involving marriage rights and family law in accordance with the state of Florida. Our team of lawyers would love to help you navigate and plan your future so the outcome is the maximum benefit for both parties involved. You can also read more about the rights of unmarried couples in Florida here. Contact us below!