Remarrying and finances

Meghan Markle’s marriage will be her second, and an increase in couples saying “I do” more than once brings financial challenges. In Ireland in 2017, 12.7pc of opposite sex and 21.5pc of same sex marriages were second marriages. When you get remarried, Susan Cosgrove of Cosgrove Gaynard Solicitors says you need to be cognisant of extra financial commitments...

● Make a new will: Old wills become redundant on dissolution of marriage, so a new one to protect your current spouse is vital.

● In relation to a divorce, succession rights are normally waived as part of the order (it is something that should always be included but does need to be specifically included by your solicitor) and there is a pension adjustment order made by the court which essentially assigns the benefit of the pension to the first wife. So in relation to the second wife, succession rights will apply as per the succession act apart from the pension adjustment order mentioned above. She will have an entitlement to her legal right share in her husband’s estate but his estate will not include the pension as adjusted in favour of the first wife.