You may have to work a few more years to make up for the extra expenses that you have while dealing with divorce and getting remarried. Add kids to the mix from one or more marriages and you may as well just keep working unless you have an excellent job that pays very well in retirement.
Here is our list. Do you have any to add?
There are probably others , but these are the big ones that come to mine. Note that the legal fees are within your control and can be reasonable. Or they can be huge if you decide to contest the settlement.
From friends I have spoken to, legal fees can be really huge. One friend was so frustrated. They had just spent a hundred thousand dollars on legal fees. There was a lot of anger and both parties contested the divorce settlement. Another who was well aware of these costs, decided to use a person who is a marriage settlement counselor to help them resolve issues. There was still some cost that had to be dealt with. However the costs were much less than what the other person in the example experienced.
It gets very complicated to say the least. Now you have sharing arrangements with a variety of kids and families, more gifts to buy at Christmas and birthdays and more expense associated with the family in general.
If you happen to marry a working spouse, some of the extra expense mention above in our last section can be reduced somewhat. You can at least share the cost of some of the bills such as lodging expense and travel costs. Even retirement can be better if two people are supporting retirement costs. You still have all of the legal fee costs which is just money that is gone and can never be recovered or replaced.
Although everyone wants to be in love and not worry about finances. The reality is that we must if we are to continue to live comfortably. Be very careful when you remarry. Protect yourself as well by having a pre-nup for both parties which spells out how your expenses will be handled. How your assets will be handled especially if there is a breakup in the future.
Our friends who are married for the 2nd or 3rd time just have to face the music. They know that they are going to have to work for a while longer to make up all of these extra costs that they have. Retirement may not come as soon as they planned. They may not be able to do all of the things they planned during retirement.
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