You probably already know that most marriages in the U.S., around 50%, end in divorce. According to data from 2013, 64% of previously married men had remarried that same year, compared to 52% of divorced or widowed women. However, the gap narrows over time, so more women are more than likely to remarry than in the past. When it comes to remarriage, you’ll want to consider whether or not it’s best for you.
What Are the Pros and Cons of Remarriage?
According to a TIME Magazine article, “People see remarriage as a fresh start at happiness with a new partner. But the data shows that a second marriage or later marriages are much more likely to end in divorce.” Before you walk down the aisle, consider the following pros and cons of remarriage.
Pros of Remarriage
Create a Life Estate
If both you and your new spouse have estate plans that include a home, you can create a “life estate” for the surviving spouse. The contract gives the survivor the right to live in the home until he or she dies or moves into a nursing home. The home passes on to children and/or other heirs. You may want to include money to cover maintenance and other expenses.
Pay Less in Taxes
Congress has made marriage less taxing for couples – you may pay less in federal income tax compared to singles. If you’re married and sell a home, you can exclude up to $500,000 in capital gains on the sale as long as you or your spouse has owned the home and both have lived in it for 2 out of the 5 years before the sale.
Share Assets and Costs
When you get remarried, you have a fresh start in a new home. But keep in mind that if you’re not on the deed or lease, your property may not be protected by the owner’s homeowners insurance. You may want your attorney to create a shared property agreement that spells out the terms, i.e., how much you will contribute to paying the rent or mortgage.
Cons of Remarriage
Deal with Estate Plans
Sorting out your estate plan may not be easy. Why? Because you and your new partner may have children and heirs that you want to inherit your assets. Combining your estates or executing a new one may become overwhelming. On top of this is your state’s law. For example, Florida’s “elective share” law requires that 30% of your estate go to your surviving spouse.
Loss of Benefits
Are you widow or widower who is younger than age 60? If you get remarried, you’ll lose survivor benefits based on your deceased husband or wife’s earnings. If you receive social security benefits, you may lose them if you get remarried.
Pay More for Health Care
When you remarry, you may be responsible for your spouse’s long term medical care costs. If your spouse doesn’t have a health care plan and has to be admitted to a nursing home, the cost could deplete your estate.
Unanticipated Issues
Getting remarried with children, whether they’re adult or young, may bring with it unanticipated issues from shared parenting tasks to uniting families. You may have to deal with hurt feelings, jealousy, anger, and other emotions.
Are You about to Say “I Do”? Remarriage May or May Not be Right for You
Before you head to the altar, consider the financial and legal impact of your remarriage. For example, the alimony you receive will end. If you collect social security from a previous marriage, it may become subject to change. If you have children who are seeking college financial aid, qualifying indicators may include your income and your soon-to-be spouse’s income.
Getting married again after divorce or the loss of your spouse may be something you’re considering now or in the future. Make sure you’re ready and have all of your financial and legal affairs in order. If you’ve already remarried and would like help with revising your estate or executing one, download this free worksheet.
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