Financial and Legal Issues When Marrying Later in Life

 Posted on April 18, 2022 in Family Law

After a spouse has passed away, the widow(er) may feel that he or she will never find love again. And then suddenly, love strikes when least expected. The couple may even decide to get married. However, in the midst of all the wedding and honeymoon planning, there are a number of financial issues – including a prenuptial agreement – that the couple should address with an Austin family law attorney.

What to Consider Before Saying “I Do”

Although the number of older Americans who are finding love later in life has increased each year, marriage of these individuals has been stunted due largely to the fear of what a remarriage would mean financially and legally for the couple. The legal and financial ramifications become more difficult when there are children and grandchildren involved, and when the individuals are receiving survivor benefits from the first marriage to the deceased spouse.

There are several issues that an older couple who are considering getting married should consider before getting married, including finances, estate planning, and federal benefits.

Finances and Financial Obligations

If the couple has accrued separate assets, each of them should review each other’s credit reports and assess the types of financial liabilities for which each individual is responsible, such as spousal maintenance payments (in the case of a previous marriage where the ex-spouse is not deceased), and child support if there are children who are not over the age of 18.

Estate Planning

It is important for an older couple to evaluate their properties and assets and readjust a will to ensure that assets are divided appropriately upon death. Many times it makes sense for the couples to write up a prenuptial agreement, especially if each individual would like their separate property to remain within the first family.

Social Security and Medicaid

Depending on their age, remarrying may complicate problems with a widow(er)’s benefits received from a pension fund. According to the U.S. Social Security Administration, a widow(er)’s benefit might terminate if the widow(er) remarries before the age of 60 (in the case of a disability, the age would be 50). In addition, Medicaid could also be terminated if the covered individual marries someone who is making a higher income.

Contact a Travis County Family Law Attorney

These are just a few of the financial and legal ramifications to be considered when deciding when or whether to marry later in life. If you are considering remarrying and want to ensure your assets are protected, call Powers and Kerr, PLLC at 512-610-6199 to schedule a free consultation with one of our dedicated Austin, TX complex asset attorneys to discuss your options with regards to cohabitation or marriage and whether a prenuptial agreement (or any other necessary documents) should be executed.

Sources:

https://secure.ssa.gov/poms.nsf/lnx/0300207003

https://www.investopedia.com/articles/pf/09/what-to-consider-before-marrying.asp