Marrying after 60 comes with some unique financial complications. We can help you navigate through them.
Cupid does not practice age discrimination. His darts can strike at any age and prompt thoughts of matrimony, whether you’re in your 20s or 60s. While love might or might not be better the second (or third or fourth) time around, it is different.
Late-life couples typically have more assets and responsibilities, but less time left together. This makes planning for the future a priority.
If you’re older than 50 and contemplating marriage, make a point of discussing your wishes regarding finances, personal responsibilities, retirement, and healthcare issues with your sweetie. Put your preferences in writing, preferably with professional help. Address:
The many forms and documents you’ll need to update include:
Gregory French, president of the National Academy of Elder Law Attorneys (NAELA), and a practicing elder law attorney in Cincinnati, Ohio, recommends prenuptial agreements for late-life couples. “A prenuptial agreement will eliminate a lot of stress on the assets at the back end,” French explained. “These are all questions that will be addressed eventually, and it’s much easier to do it at the front end.”
Even with the differences between late- and early-life marriages, there is one similarity: Clear communication about what each individual wants and needs from the relationship is what makes a marriage work.
After all, Cupid doesn’t discriminate.
Copyright 2013 Credit Union National Association. Information subject to change without notice. All other rights reserved.
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