Last week, John Torode and Lisa Faulkner had a beautiful wedding ceremony and legally married. John said that he has ‘officially married the girl of his dreams’. For both of them, this was not the first time they have been married. Circumstances around a second marriage are almost always more complicated than the first. There are often children from previous relationships to consider – John has 4 children from previous relationships and Lisa adopted a child with her ex-husband. Not only this, but you would have acquired assets such as property, savings, investments, pensions and businesses.
So do second marriages work despite the potential complications? Tracey Cox has revealed the odds of second marriages lasting and not ending in divorce, and the odds are good – https://www.dailymail.co.uk/femail/article-7079875/Tracey-Cox-reveals-signs-second-marriage-work.html.
Despite the favourable odds, if a second marriage does not last the financial implications of a second divorce can be severe and need to be considered by both parties. In order to avoid any unnecessary stress and ensure that they are fully protected, many second times brides and grooms have a pre-nuptial agreement drawn up. The majority of the work we undertake on pre-nuptial agreements, relates to second marriages. Take a look at our quick guide to pre-nuptial agreements for more information – https://www.familylawassociates.co.uk/news/a-quick-guide-to-pre-nuptial-agreements/.
It is also important to note that marriage cancels out any Will you have, unless the Will clearly states that it was made in anticipation of marriage. In particular, on a second marriage it is possible that your estate could pass to your spouse instead of your children if you have not drawn up a new Will since the wedding, which could be against your wishes. It is possible that your children will not inherit anything if you have not clearly specified your intentions and wishes in a valid Will. It is essential that you regularly update your Will, especially if you have children and are getting married.