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Things to Consider when Getting Remarried at or near Retirement Age

Posted on in Distribution of Assets

retirement age marriageStatistics show that gray divorce – divorce for people who are 50 years old or older – has doubled since 1990. 60 percent who will decide to give marriage a second try will not have any better luck than they did the first time.

Legal and financial advisers say there are steps that older couples can take to help their chances of having a successful marriage the second time around, including communication and a prenuptial agreement.

Especially of concern for people who are close to or already retired are finances. According to some studies, the majority of couples who are engaged fail to discuss their present and future financial situations with each other before they are married. Communication before marriage is essential. This can be especially critical for older people who have been saving all their lives for retirement, only to find out their new spouse has serious financial obligations they knew nothing about.

The number one reason cited as the cause of marriage breakups is finances. Future spouses should be sharing their credit reports with each other. It is important to know a future spouse’s past credit history and what debts he or she owes.

Another issue that many people overlook is changing their beneficiaries on retirement accounts, annuity funds and life insurance policies. When people get divorced, they sometimes forget to do change their ex-spouse’s name. When they remarry, if they pass away and have not designated the new spouse as beneficiary, the ex will receive those funds, even if there is a will stating otherwise. Beneficiary designation is legally recognized over will beneficiaries.

It is important to consider all facts before making the decision to adding a new spouse to the deed of a home, especially if there are adult children from the first marriage who are supposed to inherit that property. One suggestion is to not add the new spouse to the deed, but instead give him or her occupancy rights, which will end upon their death or remarriage.

One of the best things older couples can do before marrying is drawing up a prenuptial agreement which will clearly spell out any division of finances and property should the marriage break up. Prenuptial agreements are also something that couples getting married for the first time should also get.

If you are considering getting married, contact an experienced Arlington Heights family law attorney to discuss how a prenuptial agreement could benefit you and your future spouse, and what options you may have.
Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
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