For folks like these, all sorts of financial considerations can complicate the question of whether and how to go about remarrying.
Some things get easier with age. Marriage, however, is full of its own unique challenges, no matter what your age. And marrying later in life brings its own unique challenges when it comes to financial plans and legal matters.
For golden-year newlyweds, some of the questions are familiar: “should we have separate accounts or joint accounts?” “Should we file taxes individually or file jointly?” “Will 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 as their older counterparts. For them, marriage might be as simple as saying “I do” and combining their combined resources of “zero.”
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
You should also consider how you intend on paying for future long-term care costs. For example, even if you have a prenuptial agreement to keep you and your spouse’s assets separate, you still may have to spend a great deal of your own assets on the cost of caring for your spouse, particularly if they ever need to apply for Medicaid to pay for a nursing home.
When making your financial, tax and estate plans, don’t go it alone. Be sure to engage competent professional counsel to help you craft a plan.
Reference: MarketWatch (Feb. 27, 2013) “Marrying after 50? Tackle these money issues first”