Remarrying in Your Golden Years

 Posted on October 18, 2016 in Family Law

After retirement, many people feel that their time for making huge life decisions are behind them. They have completed a career, raised families, and now is the time to enjoy the life they created. Many by this point in time are single due to divorce or the unexpected death of their spouse. The option of marrying late in life is often overlooked, but in the right situations may be just what is needed.

Cohabitation vs. Marriage: The Great Debate

A growing trend in the population of those over 65 years of age is cohabitation rather than marriage. These couples still may wish to marry, but due to their reasons, they have made the decision not to do so. For many, the decision stems from the financial benefits of staying single along with a variety of other factors. Those who choose to take the plunge again, or perhaps for the first time, are in a portion of the population that is reducing each year. However, those who do often find marriage to be much more straightforward with less outside influence.

The Positives of Cohabitation

The majority of those couples that fall into the cohabitation category have put aside the need to formalize their relationship for financial gains. The benefit is not small by any means, which is why this population has entered a growth spurt within the last decade. These advantages include:

• Keeping pension plans;
• Maximizing retirement plans;
• Potential medical insurance problems;
• Retention of assets;
• Heirs do not change; and
• Cohabitation agreements.

‘Til Death Do Us Part

Known for their marriage equality support, the Human Rights Campaign is combating the information that dissuades millions each year by offering forth all of the positives to marry. The benefits of marriage include a lengthy list of more than 1,000 components, such as:

• Tax breaks;
• Medical leave for a sick family member;
• Less paperwork for insurance plans;
• More protection financially if the union splits;
• Financial security;
• Psychological benefits;
• Religious and social acceptance; and
• Investment protection.

At the end of the day, the decision to marry is always personal. Many decide using factors other than just true love and companionship; some choose a financial route that best suits their situation. Either way, treat the union as a binding contract, even if you have opted to cohabitate. Protect yourself and your family members by discussing the situation with an attorney. You want to ensure that even in death, you are not regretting your decision. If you would like to speak with a Lombard family law attorney, contact A. Traub & Associates today at 630-426-0196 to schedule your confidential initial consultation.

Sources:

https://www.census.gov/content/dam/Census/library/publications/2016/demo/p95-16-1.pdf

http://www.kiplinger.com/article/retirement/T065-C000-S002-pros-and-cons-of-getting-married-later-in-life.html