There are several important factors to consider if you are contemplating a second marriage. The most important among these is the fact that you cannot re-marry until you have gone through the separation process and/or are granted a divorce.
It is also important to understand that, in entering into a second marriage, you may be opening yourself up to a myriad of legal and financial risks; however, most of these risks can be mitigated with careful planning. Consulting with a family lawyer with experience advising clients on multiple marriages is your best way to protect yourself and any children you had with your first spouse. Our knowledgeable family lawyer, Lex Arbesman, has significant experience advising and assisting clients on multiple marriages. At NULaw, we have your best interests in mind and will work hard to protect them.
If you are paying spousal support to your former spouse, your payments might increase as a result of your second marriage. One of the deciding factors in spousal support is the ability to pay, and upon re-marriage, you may be considered to have additional income due to shared expenses with your new spouse.
In most circumstances, your second marriage will revoke any wills you may have previously made. This may affect your children from your first marriage as they will not be provided for unless you draft a new will. Along with a new will, you should also have any other relevant estate planning documents, such as power of attorney, re-drafted. You should also ensure all other documentation is up to date, including the beneficiary designation on your RRSPs and life insurance policies.
A pre-nuptial agreement or a marriage agreement can be the most effective means of protecting your assets and legal rights in a second marriage. If you are already married and do not have a marriage contract, you can also enter into a marriage agreement after the fact, something that many people do not realize.
Statistics suggest that second marriages have an even greater failure rate than first marriages. This is not surprising given the added pressures that come along with multiple marriages, including handling complex relationship dynamics remaining from the first marriage, the financial implications of a first divorce, the potential loss of business and other assets, and the complexities of blended families.
It is important to note that any legal advice or guidance you received during your first separation and divorce will not apply to your second separation and divorce. If you are contemplating separation after your second marriage, or have already begun the separation process, it is crucial to speak with a knowledgeable divorce lawyer who can help you navigate the complex legal and financial landscape of multiple marriages and multiple separations.
At NULaw we are committed to understanding your unique situation, and will carefully guide you through the process of a second separation. We draw upon our multi-faceted experience with estate law, corporate law, and family law to provide you with comprehensive advice, protect your rights, and minimize your risk as much as possible.
Contact NULaw online or at 416-481-5604 to speak with a knowledgeable family lawyer who can help you plan for the future, protect your interests, and minimize your risk.
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