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July 04, 2021

You're still young, do you think you'll ever remarry?

Roughly one in three Canadian marriages is expected to fail, reports Statistics Canada, resulting in one of the higher divorce rates in the western world.

Marry Many of these divorced men and women (as well as those who’re widowed) will remarry though, complicating their financial affairs and transforming the “traditional” family unit into a fluid network of step-relatives, all with their own sets of financial expectations.

As couples get older and their lives more complicated, more seem to be choosing to postpone or forgo such formal arrangements for fear of these financial consequences.

Are you one of them? Do you know someone who is?

By the time people enter a second marriage they often have substantial assets — sometimes one more than the other. And planning for all the various contingencies can get messy.

Blended families often have to care for several children and more than one household, for instance. And past spouses and partners never really go away, it seems.

But, while deciding who pays which bills and whose health insurance policies to keep can be tricky, there’s a bigger worry for couples bringing together assets and children from a previous marriage – the uneasy sense that someone may get screwed in the process.

Your ex, for instance, may try to pay less in child support if your household has grown withthe addition of a new spouse.

As well, since university financial assistance programs like OSAP are calculated based on your income and assets, remarrying could impact your son or daughter’s application for future aid.

With one relationship behind you, do you share these financial concerns? Can you afford to remarry? What are your alternatives?

By Gordon Powers, MSN Money

* Follow Gordon on Twitter here.



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...