Matters of Money and Marriage Require Financial Planning - AARP Ev...
4 Smart Money Moves If You Marry After 50
What to do about your finances before you say ' I do'
Zohar Lazar Couples 50-plus considering marriage should talk about finances before tying the knot. Coming together at is different from getting married in your 20s, particularly when it comes to money. "You've had a lifetime of solidifying your money beliefs" and behaviors, says Janet Stanzak, president of the . These are some ways to smooth the transition if you're tying the knot this summer. Talk about prior obligations
Older couples bring obligations such as support payments and as well as decades of financial experience to a marriage. Lili Vasileff, a Greenwich, Connecticut, fee-only certified financial planner specializing in financial matters related to divorce, suggests sharing and scores, and reviewing previous divorce agreements, which contain details about cash flow, assets and debts. "If your new spouse has already pledged half his pension to his ex-wife, it's important to know that," she says. Tongue-tied? A financial adviser, lawyer or accountant can help connect the dots for your spouse-to-be. Don t forget your adult children
You've probably thought about what you'd like to do for them financially, and they've probably thought about what's coming their way someday. A later-in-life marriage changes that — and complicates your . Questions arise: Will the new spouse inherit money that would otherwise have gone to the kids? And do all adult children benefit equally from your individual or combined resources? Discuss your decisions with your new spouse and adult kids, with the goal of reducing controversy later on; then consider formalizing your plans in a . AARP Member Discounts
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In addition to considering a prenup, revisit your estate plan as well as any designations. Wills are trumped by legal titles to real estate or beneficiary designations on financial accounts, retirement plans and insurance policies. Make any changes in writing, and be careful with Social Security. If you're closing in on age 62 and intend to apply for a , don't remarry. You have to be single at the time you apply. Decide how much to combine
At the time of my second marriage, my husband was in his early 50s, I was in my mid-40s, and we each had two kids. We maintained our individual accounts and opened one for the house. We each kick the same percentage of our incomes into the house account and have a joint . But we pay for our children separately. (I'm still writing checks for college; he's done.) The system has worked well for us, as it has for my mom and stepfather, who married in their 70s. "It removes some of the potential for conflict," notes Stanzak. — With reporting by Kelly Hultgren , best-selling author, journalist and money editor at NBC's Today, is AARP's financial ambassador. Also of Interest
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