Getting married: How to financially protect yourself

Second marriages are common these days.

There were 242,842 marriages in 2017, according to the latest available data published on Tuesday by the Office for National Statistics. In 2017, a third of opposite-sex marriages saw at least one of the couple getting married for the second or subsequent time. In 15% of cases, both had been married before.

Sarah Coles, personal finance analyst at financial service company Hargreaves Lansdown said: “In a third of weddings in 2017, at least one of the couple had walked down the aisle before.

READ MORE: How to manage your money after marriage

“Second and subsequent marriages tend to produce more complicated extended families — which has implications far beyond who on earth gets to sit at the top table.

“One or both of you may have assets you’ve worked hard to rebuild after your divorce — which you don’t want to risk losing again. You may also have children from a previous relationship that you want to protect in the event of divorce or death.

“On the plus side, you may not be entering into your second marriage with quite the level of optimism as the first time round. It means there’s a better chance you’ll be prepared to take a few steps to protect yourself and your offspring”.

So how can you financially protect yourself when getting married again?

Face the tough questions

Talking about the possibility of a break-up when embarking on a marriage isn’t easy or romantic, but if you’ve been married before you may have already found that life doesn’t always go the way you planned.

It’s worth looking at what you each own when you get married, and how it will be divided if you get divorced. Often couples decide they would take away what they brought to the marriage, and divide the rest fairly.

Consider a Prenup

A prenuptial agreement, or "prenup," is a written contract created by two people before they get married. A prenup typically lists all of the property each person owns (as well as any debts) and specifies what each person's property rights would be should the marriage come to an end.

They aren’t legally binding, and you may be nervous about suggesting it in case it causes arguments, but they are becoming increasingly influential in court.

Make sure it’s fair and both parties get independent advice when it is drawn up — it could make things clearer further down the line.

Make a will

If you have children from a previous marriage this is essential. If they’re under 18 you may want to leave something for them in trust, or if they’re older, you may want to leave them something specific.

Although it may be uncomfortable to think about it now, this avoids the horrible possibility that if you pass away, your new spouse inherits everything and then disinherits your children.

READ MORE: Young Brits turn their back on marriage to keep costs down