As older Connecticut couples and seniors across the world have come to realize, outliving one or more spouses and finding love after a separation is becoming a more common occurrence. Investing in new relationships often provides older couples a sense of being young again. With a new marriage, the possibility of the death of the new spouse or a future divorce can create unease in adult children who see the new stepparent as a threat to their expected future inheritance.
Later-in-life marriages carry a series of financial risks for those contemplating tying the knot again. The loss of government benefits can deter many from taking the leap, as the cost of health care continues to climb. The combined income of the new couple may increase income taxes and have implications on pensions and Social Security benefits as well.
About 75 percent of older couples are simply happy to just live together. One couple in another state went with a spiritual ceremony to confirm their feelings and commitment to one another while remaining separate financially. This allowed their adult children to breathe a collective sigh relief, knowing that the inheritance they were expecting wouldn’t be compromised.
As more seniors are finding that love can be found later in life, planning for that future, however long or short, is important. By securing a Connecticut attorney for each spouse and subsequently drawing up a will and prenuptial agreement, couples can lay out the agreeable terms with regard to assets and inheritances for their children, should a divorce or death occur. Having this financial security net in place can also help to ensure the blessing of adult children.
Source: The New York Times, “When Your Parents Remarry, Everyone Is Happy, Right?”, Tammy La Gorce, March 22, 2018