When a couple decides to get married, it’s reason for happiness and celebration. While young couples in their twenties and thirties typically don’t think must about the potential financial implications associated with marriage, those later on in life definitely should.
More and more Americans over the age of 50 are choosing to get divorced. While twenty years ago the divorce rate among individuals over the age of 50 was only 10 percent, today it’s close to 25 percent. As older Americans decide to divorce and start fresh, many are also then choosing to re-marry later on in life.
When couples in or nearing retirement decide to marry, there are several unique life and financial matters that must be addressed. For example, grown children may try to interfere in the relationship. Parents with meddling, although most likely well-intentioned, children must therefore set firm and healthy boundaries.
Additionally most individuals over the age of 50 have a considerable amount of wealth built up. Real estate, retirement benefits, personal savings and stock options all contribute to the personal wealth of individuals over 50. It’s advisable, therefore, that those choosing to marry or re-marry later on in life have pre-nuptial agreements prior to marrying.
While sometimes viewed negatively, a pre-nuptial agreement helps protect each party’s financial wellbeing in the event the marriage dissolves. If one party is strongly opposed to signing a pre-nuptial agreement, it may be a signal to the other party not to move forward with the marriage.
Love is special and wonderful regardless of what age you are when you find it. While couples entering their golden years may face more complex and unique issues, these should not deter them from moving forward and committing themselves to another for better or worse.
Source: Fox Business, “Remarrying After 50: Financial Tips Before the Big Day,” Casey Dowd, Mar. 22, 2012