Several weeks ago, I posted an article about senior dating and some of the resources available to help seniors who are divorced or widowed find a new partner. The article also mentioned that for various reasons, many seniors who do meet that special someone are reluctant to get remarried. But what if you do want to marry your new love? A recent article in USA Today addresses some of the issues couples need to consider before walking down the aisle again.
(Photo credit: Wikipedia)
Discuss each of your finances openly
Does your prospective spouse carry a lot of debt? Have either of you co-signed loans to help children from previous marriages? Questions like these need be asked before the marriage, not after. Many people are embarrassed about their debt and reluctant to discuss it. You should also review one another’s credit reports.
Don’t forget to change your beneficiaries
If you have a life insurance policy, an annuity, an IRA, or any other retirement account, review each of them and make sure beneficiary designations reflect your new relationship.
Think about getting a prenuptial agreement
It’s not the most romantic topic to bring up with your new love, but virtually every senior considering remarriage should have one.
Think twice before adding your new spouse’s name to your home
This is often one of the most contentious issues in second and third marriages. Children from previous marriages can feel particularly threatened by the potential loss of the family home. Instead of adding your new spouse’s name to the home, it is more prudent to give him or her occupancy rights.
If you are a senior considering remarriage, I invite you to contact me to discuss issues like these and any other concerns you might have.