Getting married later in life is generally more complicated. Each spouse is more likely to have kids, assets, debts and health issues.
Accordingly, couples should reach agreement on the following matters before tying the knot:
- how will expenses be shared / paid
- which spouse will provide medical insurance, and how will it be paid for
- to whom will each spouse leave their assets upon their death
- should each spouse’s life / estate planning documents (wills, living trusts, powers of attorney, health care surrogates, etc.) be changed
- should designations of beneficiaries of each spouse’s nonprobate assets (life insurance, IRAs, bank and brokerage accounts, etc.) be changed
- should the couple enter a prenuptial agreement or prenup
- should each spouse change their designations of beneficiaries of any other retirement, social security or pension benefits, and should the other spouse sign any necessary waivers of interest in such assets
- has each spouse assessed the impact on their cash flow of loss of alimony and survivor’s benefits from previous spouses
The above considerations are not exhaustive but should serve as a springboard for discussion.