Should you get remarried later in life?

 

By Heather Hoffman, Marketing and Communications Specialist

02/2025

 

First comes love, then comes marriage … but is it always the best choice? When considering remarriage after 50, there’s many factors at play that might not have been for your previous marriage. It’s not always a straightforward decision, but these 6 topics of conversation with your partner can help you feel more confident in your choice.

 

 

6 things to discuss before remarrying later in life

1. Share your whole financial picture.

Sharing your whole financial picture with one another may seem to be the most obvious step to take before marriage, but it can be the most nerve-wracking. Things that are important to include are:

  • Retirement account balances
  • Bank account/ savings account balances
  • Outstanding debts on credit cards, car loans, and mortgages
  • Credit score reports
  • Ongoing expenses for young adult/ adult children, such as education

By getting these topics out in the open, no one is blindsided when the first bill post-marriage comes around. Strong relationships require honesty, and this is especially true for finances.

 

2. Understand each other’s spending habits and risk tolerance

They say opposites attract, but that might cause some bad feelings when it comes to finance. Everyone thinks of money differently, and what you decided in your previous marriage likely will need to change for your next marriage. If one partner likes to buy luxury goods, and one focuses on frugality, coming up with a plan to meet in the middle is essential for a lasting relationship.

When looking at investing and saving for retirement, risk tolerance is a major factor in the conversation. You should discuss if you will be changing either of your individual strategies, and what that could mean for your long-term goals.

Speaking of long-term goals, make them! Getting married later in life will likely change how you pictured retirement to be. If one partner wants to be close to their grandchildren in Montana, and one prefers a permanent beach vacation, understanding these expectations is key to creating a plan you’re both happy with.

 

3. How will you split finances, and who’s responsible for what?

Splitting finances later in life might not be as straightforward as when you’re younger. You’ve had more time to accumulate wealth and assets, and you have less time to prepare for retirement. Depending on the differing careers, children, lifestyle choices, and many other factors, this wealth accumulation could be vastly different. Some may choose to fully combine finances, some might combine only shared bills, and some may choose a completely different option.

There’s no “right way” to split your finances. All that matters is:

  • All bills are taken care of
  • You’re saving what your goals require
  • You both agree

 

4. Know what money you will be ineligible and newly eligible for

Getting remarried later in life could provide you with potential benefits, but it could also mean missing out on others. For example, it might disqualify you from widowed or spousal social security benefits. It’s important to calculate the balance of what you’re giving up with what you’re gaining. You might have more insurance options available, or you could qualify for a better home mortgage. The net financial impact isn’t the only factor to consider when getting remarried, but it can be a strong one.

 

5. Discuss your estate plan intentions

When you get remarried, there are often children or other family members that you’ve already decided will receive your assets when you pass. You need to decide how adding a new spouse will change these plans, if at all. If one spouse wants to make the other partner their sole beneficiary, and the other doesn’t, will both partners be okay with this? How will this affect your relationship with your children and other family?

Getting married can also simplify your estate plan. Spouses have benefits and can expedite the transfer of assets differently than any other relationship type can. There’s also the potential for spouses to bypass certain taxes. By understanding each other’s goals, plans, and intentions, you can make informed estate plan decisions.

 

6. Consider a prenuptial agreement, and consult professional help

After discussing all of the above, you can decide if you want to introduce a prenup. Thinking of what happens in a divorce might not be the most romantic, but it could be essential in securing your financial future.

There’s a lot to consider and discuss when contemplating later in life remarriage. It can feel difficult to cover all the bases on your own. Your financial advisor can help you both understand your options, the implications, and what the right move for you is.

 

The opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual.