September 24, 2012
Getting Married Later in Life
Find out what you should discuss with your future spouse before walking down the aisle.
When young adults marry, they usually don't bring a lot of financial baggage to the table. But if you're divorced, widowed, have children or own major assets, combining your finances can be complicated. You need to have frank, open discussions before walking down the aisle. For example:
• Ask about each other's preexisting assets and debts.
• Discuss how you plan to share expenses.
• Whose medical insurance will you opt for?
• How do you want your estates distributed, especially if you already have kids?
You'll need to update all legal documents; including wills, powers of attorney, insurance policies and any documents that name beneficiaries. You may even need a prenuptial agreement.
Bottom line: Congratulations on finding each other. Just make sure you get off on the right foot, financially.
- Boosting Your Retirement Plan Contributions
- Financial Planning for Later Life Marriages
- Flexible Spending Accounts Slash Your Taxes
- Deadline Approaches for Mandatory IRA Withdrawals
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