With a divorce rate that is commonly quoted as being 50%, second marriages are common.
However, according to the Wall Street Journal, many experts cite the divorce rate of second marriages to be 40%.
Second marriages come with more baggage — ex-spouses, stepchildren who may or may not like the new step parent, and, of course, financial complications including spousal support and first family obligations, just to name a few.
It’s no secret that money disagreements can be one of the top causes of divorce.
According to a study conducted by Jeff Dew of Utah State University, “Couples who reported disagreeing about finance once a week were over 30 percent more likely to get divorced than couples who reported disagreeing about finances a few times a month” (The New York Times).
So how do those in second marriages, who perhaps bring more money issues and baggage into their marriage with them than they did their first marriage, avoid financial conflict?
One strategy is to have a financial meeting before they marry (and some may argue before they even get engaged).