Late-life marriages can be complicated by money matters
AgingEdge had a recent article on the subject of late-life marriages and the complications that can occur related to money. From the article -
If gray divorce doesn’t rain down enough financial stress on a retirement plan, a second (or third) marriage or domestic partnership certainly will. What to do?
Heading into a new committed relationship means both partners need to take stock of their retirement plans and legal documents, having detailed conversations not only about how to split monthly expenses, but how to plan for future health care needs, how heirs will factor into the estate and how aggressively they’ll need to invest to stay ahead of inflation.
Her advice: Certainly, get a prenuptial agreement if at all possible for a second marriage, or a similar legal document if you are unmarried but living together. If for some reason that isn’t possible or warranted, having updated wills or trusts is a good second option. At the very least, consider life insurance policies that could take care of children from previous marriages when you die and your new spouse inherits most of the estate."
The full article is here.
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