Financial Tips for Couples Getting Remarried in their Retirement
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Older couples tend to be more steadfast in their ways when managing their money. They have also had more time to amass considerable wealth. When one spouse is a spender, and the other is more frugal – or when one partner has far more resources than the other – it is trickier to combine financially.
When one or both partners have young children from a prior relationship, a whole new set of issues, like the payment or receipt of child support and perhaps alimony, come into play. There are inheritance and retirement-income-related difficulties to be resolved even when there are adult children.
Following are some suggestions to consider when remarrying:
Make a priority list after a detailed discussion regarding finance
Before marrying, discuss finances with your spouse. This will avoid disagreement and better understand your financial condition. Based on this, you can review the following together:
- Review credit reports and scores to discuss each other's credit histories.
- Find out how much debt each spouse has and how comfortable they are with it.
- Decide on a method for splitting bills, savings, and paychecks.
- Create a single joint account along with separate accounts for each partner.
- Decide whether one of you will be the primary provider or will both be making equal contributions.
- Compare your investment methods and approaches, such as your level of aggressiveness or conservatism.
- Determine the amount of savings you should have as a pair.
- If you still need to retire, talk about your retirement plans.
- Share your current and future residence plans.
- Talk about how you'll pay for regular child expenses and the college or school fees for children from a previous union or partnership.
- Create a legal agreement about the children with any former partners.
- If multiple debts are the issue, you can consolidate your debts to get rid of them.