How love can be costlier the second time around

FOR MANY older divorcees, finding love again should be a time of joy. Sadly, the financial complexities of a second or third marriage often overshadow the romance. One of the biggest concerns is protecting inheritances for children from an earlier relationship, especially if a new partner has different priorities. Inheritances matter more than ever, as young people struggle to afford university, pay rent or get on the housing ladder without financial help from family. But as more parents divorce and enter new relationships, money can easily go astray.

- By Harvey Jones

There’s also no guarantee the new relationship will last. Another break-up can create fresh financial confusion, as can the death of a partner. Without careful planning, the consequences can be devastating. Fortunately, there are things you can do to limit the fallout, but it requires a lot of time and a little expense too.

SPLITTING

Sophie Croft, an associate at Stowe Family Law, sees the fallout first-hand. Even the best intentions aren’t always enough: “Protecting hard-earned money and assets is at the forefront of people's minds.

“Marriage automatically ties a couple together financially, and while non-matrimonial assets can sometimes be ringfenced, it’s not always straightforward.”

Croft notes many older couples hesitate to remarry or even move in together as a result: “We see a growing number of ‘silver splitters’ avoiding marriage for financial rather than emotional reasons.”

For some, avoiding legal commitment creates its own challenges. One such person is Kate, 50, from Harrogate.

She divorced her husband five years ago after a 20-year marriage and has two teenage daughters. Kate considers herself fortunate. She co-parents well with her ex-husband and they celebrate birthdays and Christmas together.