Considerations for Remarrying Later in Life

Falling in love late in life can be unexpected and exciting, but there are some things you need to consider before remarrying, including:

• Estate Planning. Unless you enter into a prenuptial agreement, a spouse will receive a portion of your estate automatically in most states even if you don’t include your new spouse in your will.
• Long Term Care. A new spouse will be responsible for your long-term care costs (or vice versa), so a long-term care insurance policy may be a good investment.
• The Family Home. If the owner of a house wants to keep the house in the family, the owner will need to do additional planning.
• Social Security. Remarriage can affect the Social Security benefits that divorced and widowed seniors receive from their former spouses.
• Alimony. Alimony from a divorced spouse will likely end upon remarriage and possibly upon simply living with someone else.
• Survivor’s Annuities. Remarriage can affect annuities that widows of public employees receive.
• College Financial Aid. Remarriage can affect the amount of financial aid a college student receives.

See Is It Better to Remarry or Just Live Together?, ElderLawAnswers, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.