How to Prepare for a Late in Life Marriage
- 1). Make sure you're on the same page with your finances. Check each other's credit histories and tax returns to find out what your joint status will be for lenders and the IRS. Ascertain the impact of your marriage on any previous divorce-related issues such as alimony or child support.
- 2). Discuss your personal financial habits with each other in detail. The older you are, the more set in your ways you become, so if you are a spendthrift and your partner is a saver, be prepared for an immediate need to work this issue out equitably.
- 3). Check to see that your names are recorded the same with the IRS and the Social Security Administration (see Resources below). Consult a tax advisor to see if you are better off filing jointly or separately (usually the former choice is the right answer).
- 4). Consult your financial or estate planner to see what changes need to be made to both of your legal documents, such as your wills and trusts. You will probably need to have new ones made to coordinate with your new circumstances. You may also need to set up a special type of trust to protect children from a previous marriage.
- 5). Consult a Social Security benefits counselor to see how your marriage will impact each of your benefits. Marriage can impact Medicare and Medicaid benefits as well.
