Second New Jersey divorce can hit hard in the pocketbook | Lane & Lane, LLC
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Second New Jersey divorce can hit hard in the pocketbook

Statistics show that those who marry for a second time may have higher odds of divorcing. What most New Jersey residents may not realize, though, is that a second divorce can cause serious financial consequences. Repeat divorce can complicate matters because many people are still financially recovering from the first one.

Many people going through their second divorce are still paying child support or alimony. They may have also had their retirement assets hit the first time around and could also still be paying capital gains taxes if they had to sell assets. Adding a second divorce into the mix can cause someone even more financial stress. To alleviate it, professionals suggest a few actions, some before marriage and some after.

The praises of a prenuptial agreement can never be sung loudly enough. No matter how much, or how little someone makes, an agreement prior to marriage allows people to discuss division of property and deal with it before it ever becomes an issue. For those who did not take advantage of a prenup, splitting assets can also be a good first step. Gather any paperwork that shows what may have been yours prior to the second marriage and take a hard look at debt and any liabilities.

Long-term planning can also help a divorce go smoother. Look closely at assets before passing on them. One couple who had been fighting over their house decided to sell it and take any profit received and place it into their children's college fund. Creative thinking during a New Jersey divorce can often help couples when division of assets is being disputed. Communication and prior planning can help avoid many of the complications that a second divorce may bring.

Source: Life Inc., "Divorce is hard, but second one can wipe you out," Geoff Williams, July 13, 2012

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