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Financial planning is essential when remarrying

Many people whose first marriages end in divorce want to give it a second chance, and even a third. However, the chances of divorce increase with each subsequent marriage. Roughly two-thirds of second marriages end in divorce, while nearly three-fourths of third marriages don't last.

For some people, the second or third marriage is the charm. That's when they finally find their soulmate. However, when you remarry, it's more important than ever to do some careful planning to protect your financial assets and your responsibilities to your children and other family members. This means getting a prenuptial agreement as well as doing some estate planning.

Under Massachusetts law, if you don't have a will in place, everything will go to your widow or widower and to your children when you die. If you intend for other family members, including parents or an ex-spouse, or perhaps some of your favorite charities, to get some of your assets, you need to specify that in your estate plan.

Some people who meet and start relationships in their later years determine that they're better off financially if they don't get married. They may lose spousal benefits from their first marriage, for example, if they remarry.

Whether you decide to remarry or not, if you are in a relationship where you're sharing a home and commingling assets, it's wise to seek the advice of an experienced Massachusetts family law attorney. He or she can provide guidance on protecting your own assets if you break up or if you pass away and providing for your new significant other as you designate.

Source: CBS Boston, "Breaking Up Is Hard To Do: Second Or Third Go Around," Dee Lee, Aug. 31, 2017

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