Financial Issues When Marrying Later in Life

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    April 22, 2012 /24-7PressRelease/ -- Financial Issues When Marrying Later in Life

Getting married can be an exciting and stressful time. People need to learn how to combine their single lives into a partnership, and this can be an even more complicated endeavor when the bride and groom are marrying later in life. When people marry in their 40s, 50s or beyond, they already have established financial plans and portfolios. They often have children from previous relationships. Spouses marrying later in life need to discuss their financial futures together prior to marriage so they can reach agreement on key issues and make things go smoothly later on, and also to protect themselves in the event of divorce.

Tips for Beginning to Plan
-Assess: Each spouse should put his or her financial situation on paper so each person can see it. Both should list all sources of income and assets such as employment, investment accounts, retirement accounts, child support payments received, bank account balances, home equity and vehicles. Those who receive alimony should be aware that those payments will end upon remarriage. The parties should also detail their debts, such as mortgages, rent, utilities, insurance, taxes, loans, medical bills and child or spousal support payments owed.
-Discuss: After each person is aware of the other's financial state, the couple should discuss such things as how they want to share expenses, how they want to handle health insurance coverage, whether they want to keep separate bank accounts and how they want their assets to pass after they die. Many people marrying later in life have children to whom they want to leave all of their belongings, and both spouses need to agree on their estate plans.
-Update: After discussing their finances, a couple should make appropriate changes to legal documents such as wills, trust documents, life insurance beneficiary forms, other account beneficiary forms and health care directives.

Consider a Prenuptial Agreement

Couples marrying later in life may also want to consider prenuptial agreements. Such agreements can work in tandem with estate plans. For example, if a couple agrees that certain property will go to one party's children upon his or her death, a prenuptial agreement can support a will leaving the property to the children and reaffirm the spouse's intent to waive his or her elective share. This would make it more difficult for the spouse to challenge the will.

Seeking the advice of experienced legal counsel to help plan and draft the appropriate document is a wise step for those planning to marry.

Article provided by Army & Army, LLC
Visit us at http://www.armyandarmylaw.com

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