The Financial Baggage People Bring To A Later Marriage

March 17, 2014
by Michelle Perry Higgins

Start Shopping for Long-Term-Care Insurance at 45No matter what your age, if you find someone you want to spend the rest of your life with, you are truly blessed. But getting married at 50 instead of 30 has a completely different set of challenges when it comes to finance.

One of the things you should be aware of is that your future spouse may be bringing financial habits to the relationship that are much different than your own. Be sure to recognize and understand the differences you may have, then prepare to make adjustments if necessary.

It is also a good idea to talk about how much debt each of you will be bringing into the marriage. You should determine who will be responsible for the debt, individually or jointly, and how it will be paid off.

Finally, you may want to consider a prenuptial agreement. A prenup may not make sense for a young couple just starting out, but since people tend to accumulate assets over time, it may be a wise move if you’re marrying later in life.