The Daily Tip Jar

Finding your soul-mate later in life can be great, whether it’s a second marriage or first time out of the gate.  Blending finances successfully together is one area that can be harder to accomplish as you get older. You’ve lived a whole life separately before now and both worked so hard to achieve goals financially, make sure you protect you and the ones you love without putting extra pressure on yourself and your relationship. 

Protecting Yourself and Each Other

It’s not so romantic to talk finances and prenuptial agreements, but it’s a smart, practical idea for older couples who are bringing different financial situations to the table.  Especially when a second marriage is involved, there are kids and grand-kids to think about on both sides of the families.  Talk with each other and each other’s families and see what is important for retirement and legacies.  You’ve already come so far in life individually, it’s best to protect your future and the future of your families.

Honesty is a Necessity, Not Just a Best Policy

Be open and honest with each other about finances, debt, tuitions, alimony and other cost you will be inheriting together.  Again, these are the most romantic topics, but they are essential to a happy blended life.  When you were younger, you had the rest of your life to figure things out, now isn’t the time to waste being stuck with finances you were not prepared to take on.  Leave no surprises and get no surprises – win win.

Happy House and Home

Discuss what to do with extra properties and real estate.  Now that you’ll be living together, have a clear plan of action about selling the other house or property, and decide what that money is going towards.  You need to be more in tune with each other and decision making as an older newer couple or things can get messy without good communication and expectation.

All the other uncomfortable stuff

This includes family loans, family promises, inheritances and the future of your families.  Especially in second marriages, you need to respect the ones who came before you and what that marriage was.  Parents work hard for their children, not other strangers who came into the picture way later.  Have a clear course of action for what needs to happen financially to respect everyone’s wishes and efforts.  A financial advisor or family lawyer can be your best friend in these uncomfortable situations. 

New married life as an older couple can be a fantastic fulfilling experience, but make no mistake about it, it will challenge the strength of your love and understanding to take care of important business in sticky situations.  Commit to not only each other, but commit to the efforts to respect and honor each other’s financial background and protect your future together. 

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