Today, older Americans are saying “I do” more frequently than younger adults.[i] With the increase in second marriages and the trend of people marrying later in life, it’s necessary for couples to understand and prepare for what follows.
One of the biggest factors to consider is the financial aspect of a marriage. With any marriage, regardless of age, being open about finances is crucial to a long and healthy relationship. For older Americans who are used to managing their money independently, combining finances later in life can be daunting change. There also may be additional financial burdens such as bad credit, children from previous marriages, and fiscal responsibilities to former spouses. All of these situations can have financial implications that should be fully discussed and understood prior to marriage.
A prenuptial agreement may be something couples should consider. Prenuptial agreements can not only provide protections for you and your spouse, but also can provide protection for your children from a previous marriage.[ii]
Couples should also revisit their estate plans upon marriage. There are new family members to consider, and your wishes should be up to date with your new marriage. As with your estate, you will also need to update your power of attorney as this allows your new spouse to make decisions regarding your health. Other examples of items you may want to review are life insurance policy beneficiaries, retirement account beneficiaries, and wills.[iii] Having these in order will allow you to have peace of mind during your marriage.
Marriage, at any age, should be a celebratory event. The to-dos for engaged couples may seem intimidating but having an experienced attorney guide you through the process will ease your mind. At Bannister, Wyatt, & Stalvey, our lawyers can help you prepare for life with a new partner. Contact us today to get started.