…More
than 40% of women and more than half of men over 50 who get divorced end up
remarrying, according to Census Bureau data.
For
folks like these, all sorts of financial considerations can complicate the
question of whether and how to go about remarrying.
Although there are several
things that get easier with age, “later-in-life” marriage isn’t exactly one of
them. Marrying later on in your years can bring some unique challenges when it
comes to financial plans and legal matters.
If you’re no stranger to the
game, then some of the later-in-life marriage challenges will be familiar,
others less so. For example, do any of these issues have a familiar ring: shall
we have “separate accounts or joint accounts?” is it better to “file
individually or file jointly?” and shall we live in “your house or mine?”
This subject was taken up in a
recent MarketWatch article titled “Marrying after 50? Tackle these money issues
first.”
Essentially, young married
couples simply don’t have as many accounts, assets, liabilities, health
concerns, dependents, or complex family relationships. For them, marriage might
be as simple as saying “I do.” Now that you’ve got all of that stuff and your
own lifelong relationships, this can get complicated (and fast) when you add
the stuff and lifelong relationships of your later-in-life spouse.
If you haven’t thought through
the potential challenges, here are a few to get you started:
- Social Security and pension benefits
- Healthcare, health needs, and Medicare benefits
- Past marriages and alimony
- Children and college financial planning
- Your estate, your heirs, and your beneficiaries
The original article goes into
some depth regarding each of these points. Remember, however, they are complex
and intertwined.
When making your financial, tax
and estate plans, don’t go it alone. Be sure to engage competent professional
counsel.
For more information and articles on
estate planning and elder law topics, please visit our website
and sign up for our free monthly e-newsletter. You can also friend
our law practice's Facebook page (R Christine Brown).
Reference: MarketWatch (Feb.
27, 2013) “Marrying after 50? Tackle these money issues
first”