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Why is remarriage after divorce or death becoming more popular?

A recent study by Pew Research has some findings about remarriage that say a lot about how people feel about tying the knot for a second time or more. Even though the percentage of the population getting married has dropped over time, the number of people who have been married more than once has tripled since 1960. It is currently at about 42 million.

There are a multitude of possible reasons for this. First, there are simply more divorces. Secondly, people are living longer and therefore have more time to meet another soul mate after a divorce or the death of a spouse. In addition, there are simply more people over 50 than there used to be, so the dating pool is increasing, assuming that you're looking for someone close to your own age.

The study did find, however, that the age gap between spouses in second and subsequent marriages is greater than in first marriages. However, that doesn't necessarily mean that men are marrying women half their age (or vice versa). After all, a number of first marriages are between people who meet in high school or college when they are nearly the same age.

According to the study, men are more likely to remarry than women. Of the people surveyed, 65 percent of men said they hoped to marry again, while 43 percent of women expressed an interest in doing so. The actual remarriage rates by gender show the same pattern. Some 64 percent of men remarry after being divorced or losing a spouse, while 52 percent of women took the plunge again.

Whether that reflects the difference in men's and women's ability or willingness to get by on their own can be debated. It could have more to do with the respondents' experiences during their first marriages, particularly if they ended in divorce.

Remarriage involves a number of legal considerations that first marriages often don't -- particularly if the couple started out young with few assets and no children. Now you likely have property, a healthy savings, perhaps a business and children and/or grandchildren. A prenuptial agreement is more crucial than ever. So is ensuring that your estate plan continues to provide for your heirs while incorporating your new spouse. Legal guidance is essential to protect everything you have worked for and those you love as you begin this new chapter of your life.

Source: Huffington Post, "Why Americans Are Going For A Second Marriage More Often," Buck Wargo, May. 18, 2015

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Sunday, May 28, 2017

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