Whether you've found love for the first time or once again, marrying when you’re 60 or older carries special concerns, especially when it comes to finances. In a marriage of later years, people generally have more assets, including retirement accounts and pension plans that have special concerns, especially if there is an ex-spouse or children in the picture.
Before you head down the aisle with your new love, you may want to consult an estate-planning lawyer or family law attorney and make certain both parties understand how assets will be used and allocated upon the death of a spouse. Executing a prenup may not be a bad idea.
Here are just a few considerations for seniors who marry at age 60 or older:
Pensions and retirement accounts. On some accounts an ex-spouse may have rights to receive benefits. You don't want to count on an asset for your later years upon the death of your spouse, only to find that asset belongs to an ex-partner.
Beneficiaries. Will you change the beneficiaries on all your accounts? Will you keep your children listed on some, naming your new spouse on others?
Wills and other related estate documents. Don't forget to change your Will or Trust, even if you do not wish to bequeath anything to your spouse. It is better to add a provision that states that no provision is made, than to open the Will up for challenge. You can also set up a Trust so assets can be passed to your new spouse outside of probate.
Prenuptial Agreement. View this as an estate-planning document rather than a guide to divorce.
Retirement plans. Make certain that you both have the same idea of retirement. You don't want to marry someone who has always dreamed of traveling the world and buying a house in Italy, if you simply want to stay in your small town and go fishing every day.
Death arrangements. Don't forget to discuss funeral & burial arrangements and preferences. Will you be buried side by side? Is there a family plot?
Getting Legal Help
Experienced Sacramento Family Law Attorney Hal Bartholomew can help you navigate your divorce and child custody issues with respect and compassion. Contact Bartholomew & Wasznicky LLP today for knowledgeable and respectful representation. Call us at (916) 455-5200 or email us at info@DivorceWithRespect.com
