Should You Get Remarried in Later Life? (A Breakdown of The Financial Concerns.)

You can pursue love and protect your interests at the same time, if you plan ahead!

If you’ve been giving some thought to the idea of getting married again as a senior, you already know there are a lot of things you need to consider first. The pros and cons of getting married or remarried later in life are significant, especially if you’ve already survived a divorce and don’t want to have to go through that again. So what issues do you need to think through? Let’s take a look…

Not many seniors chose to get married these days.

In discussing this subject with a variety of people, there’s one surprising feature that comes to mind – the fact that fewer and fewer senior citizens are choosing to get remarried these days. At a glance, one may think it’s the belief that remarriage dishonors the memory of a now-deceased spouse, or that there isn’t much point to second marriages anyway. But for most older adults, this doesn’t even feature on the list of concerns. The reasons, as it turns out, are far more prosaic – Money.

Getting remarried can have a huge impact on your financial situation!

For some older people, remarriage would mean the end of their social security benefits from a previous spouse. This can be a frightening prospect when you are past retirement age and have limited options for additional income. And then there is the issue of inheritance. As we age, medical concerns become more of a daily reality. As such, some people worry that the inheritance they set aside for their children and grandchildren would get slowly sucked away by hospital bills and nursing homes, especially if they married late in life and had to carry the financial burden of an additional person.

Your money may not be “your money” anymore…

Also, with regard to the issue of inheritance, some people want their children from a previous marriage to inherit the assets that were built up during that marriage. By marrying again late in life there is always the concern that your biological children’s inheritance will now have to be divided among not only your children, but the children of your late-life spouse as well. Added to that are concerns about how the financial choices of your new spouse (if they have substantially more debt or are a bigger spender) may affect your credit history. All in all, many people have a host of good reasons to simply “shack up”, as they say, and avoid remarriage all together.

But there are ways to deal with these issues if you want to tie the knot!

For those whose lives aren’t critically dependent on their deceased spouse’s social security check, there are certainly ways to address these issues so they don’t steal your chance of walking down the aisle one last time. Restructuring your will and any trusts you may have to reflect your wishes for your future marital arrangements can make a big difference. For example, our family law attorneys can help you create a prenuptial agreement that protects your children’s inheritance. Also keeping separate checking accounts and credit cards can help allay concerns about mismatched spending habits.

Make sure you get the right help in planning your future.

If you’ve found ‘the one’, don’t let money fears rob you of your future!
While there are some very valid concerns for those who are considering remarriage late in life, there’s no reason to lose out on an opportunity to follow your heart if you make a few wise choices beforehand. Come in and talk to one of our experienced family law attorneys. We can help you prepare for your best possible future! Reach us at 866 766 5245. We’re available 24/7 to help.