The growing trend of “gray marriages” refers to those who are remarrying or marrying for the first time in their 50s or older. Marrying later in life makes a lot of sense regarding being able to pool retirement income and share financial responsibilities. In addition to having greater spending power, companionship in your retirement years is also a reason to wed.
However, there are some drawbacks to consider, including financial entanglements that occur when merging assets, debts, and liabilities. If you enter the marriage with considerable medical or legal liabilities, this may expose your spouse to financial risk. If there are children involved, a later-in-life marriage may create tensions regarding inheritance expectations. Financial professionals would advise putting legal and financial safeguards, such as prenuptial agreements and updated beneficiary designations, in place.
Some specific guidelines for late-life marriages
- Having an open and honest discussion regarding how each spouse intends to manage their finances is key. Will finances be handled in separate accounts, joint accounts, or a combination of the two? A prenuptial agreement will clarify how assets will be protected, especially if one person has more assets than the other. Having a prenup in place offers peace of mind for families and avoids disputes later on.
- At this stage of life, you and your spouse will probably have estate plans, retirement savings, life insurance, and perhaps long-term health care insurance in place. As a couple, you will want to create an estate plan with the help of an estate planning attorney as soon as possible. This should entail updating your beneficiary plans, including wills, life insurance accounts, and retirement accounts that reflect your new marital status. Having a new will in place ensures your assets are distributed as you wish when you pass. You might consider creating a trust to protect specific assets for your children.
- With medical bills as the biggest expense for seniors, you will want to discuss long-term health care with your spouse. The conversation should clarify how you want to be cared for and how much that type of care will cost. Again, having a plan in place will mitigate stress later on.
- There are tax obligations that may change with your new marital status. Review how filing a joint income tax return or a married-filing-separately return will affect your financial responsibilities. Make sure that the IRS is aware of any change in name on the return.
Getting married at any stage of life is an exciting event that comes with many benefits, such as companionship, shared experiences, and even financial stability. For those marrying later in life, it is important to clarify what assets and liabilities belong to you, to your spouse, or to both of you. With clear financial rules in place, and after a consultation with qualified financial professionals, go ahead and plan your wedding.
For more free resources, check out our Remarriage and Blended Families Protection page.
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