If you’ve been stung in the past by losing more than your fair share of assets to an ex spouse on divorce, here’s how to make sure you’re protected second time around. 

What if I’m cohabiting?
Get a prenup
Pay attention to assets
Keep clear records
Post marriage issues

Around forty percent of first marriages now end in divorce and, as a result, there are a greater number of people entering second or even third marriages. According to the National Office Statistics, 98,580 marriages in 2005 were second marriages for one or both parties, which is the equivalent of four out of ten weddings.
Merging two families into one is a challenge in itself – making sure the children get along and protecting their position if the marriage should break down. But the way you approach marriage the second (or third, or forth) time around, from a legal and a financial perspective, can be hugely different. You might, for example, be more wary of protecting pre-owned assets for your “first batch” of children.
For some lucky people, like TV presenter Chris Evans, having an amicable divorce to his second-wife Billie Piper means she reportedly didn’t take a penny of his multi-million pound fortune. But usually, where money is involved, this is a rare occurrence.
Here, Suzanne Kingston, partner and head of the family department at Dawsons Solicitors, highlights some of the crucial points of consideration for second-time husbands and wives.

What if I’m cohabiting?
The best way to protect pre-owned assets as the law currently stands is not to marry at all and to keep your assets in your sole name – it’s unromantic, but its partly the reason why cohabiting is so common in England these days.
“At the moment, cohabitees have very limited rights compared to married couples and, generally speaking, a cohabitee will have no claim on separation to assets which are held in your sole name and to which they have made no direct financial contribution,” says Suzanne.
But cohabitation law is likely to change within the next few years as the Government is planning to submit a draft bill to Parliament in the next coupe of years to increase the legal rights and obligations of cohabiting couples. It may also be worth considering a cohabitation agreement to avoid any future problems with ownership of key assets such as the family home, which may only be held in one person’s name.

Get a prenup
In all instances, if you’re asset-rich, you should consider a prenup. Although prenups are not legally binding in the UK (they are generally considered to undermine the grand institution of marriage) there has been a recent shift in judicial thinking with more Judges willing to consider that a fair and reasonable prenuptial agreement signed in the right circumstances can be upheld.
“Prenups are increasingly popular in second marriages, owing to the experience of divorcees and general awareness of the potential difficulties a marriage breakdown can cause, and also often to a wish to protect assets as inheritance for children from previous relationships,” says Suzanne.

Pay attention to assets
“The main issue to consider before entering into a second marriage is whether you have pre-owned assets (such as pre-marital property) which you wish to protect, either for yourself or perhaps for children from your first marriage,” says Suzanne.
In England, the law does not exclude pre-marital property from the matrimonial pot when it comes to dividing such assets on divorce. “Accordingly, once you marry, those assets which you already own may technically remain in your sole name, but on divorce, they may be redistributed to the other spouse,” she explains. “The source of those assets may be a relevant consideration at the time of the divorce, and there is some recent case law to support the idea that in certain cases, you may be able to keep pre-marital assets out of the general matrimonial pot on divorce, but this is far from guaranteed.”

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