Sports fans across Texas have probably seen the commercials about FOMO or “fear of missing out” on watching the Dallas Stars or the Mavericks take on their opponents due to family events that cannot be avoided. Are sports the only thing that individuals fear missing out on?
U.S. Census Bureau data shows that divorced individuals may also have a fear of missing out on alimony or other benefits should they enter into a second marriage.
The data shows that cohabitation is becoming a much more popular choice for couples over the age of 50 in the United States. Financial experts have weighed in on their interpretation of what this data means, and the explanation is right in their wheelhouse. According to these experts, financial concerns top the list for reasons why a second marriage isn’t always a top priority.
In Texas, the community property laws mean that couples who remarry share any debts that are incurred during that marriage. What if they are still responsible for debts from the first marriage? Alimony obligations often expire upon remarriage and even survivor’s benefits could be on the line.
Keeping benefits in place, like alimony, is a very real concern for some couples, but there are some important points to remember about an unwed relationship. A very important consideration to make when combining lives with another individual without obtaining a marriage license is that those property protections that exist in the event of a divorce aren’t available in an unwed separation.
Couples pondering the decision to enter into a second marriage or simply move in together should discuss their situation with a divorce attorney in Fort Worth. The attorney can help them understand what options may be available, like a cohabitation agreement, and how any decision could impact a prior divorce settlement.
Source: The Fiscal Times, “Today’s Older Couples: Money Focused and Unmarried,” Sharon Epperson, June 9, 2014