Marrying in later life? You might want to consider the financial side.
As we enjoy longer, healthier, and more active lives, many people see retirement as a chance to try something new - which is perhaps why more of us are marrying much later. But, whilst being older and wiser can bring with it more life experience when it comes to relationships, there are some financial implications to consider too.
According to the Office for National Statistics (ONS), who carried out a survey in 2016, men were more likely to get married after hitting the age of 80 than they were under the age of 20. In fact, 644 men aged 80 and above got married that year and in the past 10 years, marriage rates for men over the age of 65 have risen by 32%. For women, it’s much higher – 78%.
But, however romantic the idea of finding love in later life, it’s important to plan for the serious side of things - like pensions and other finances that might affect your family, children or grandchildren. If you are re-marrying you might want to consider other things.
For example, if your previous spouse died and you get bereavement benefits, you’ll lose them when you move in together or remarry. If you’re divorced and get spousal maintenance, this usually stops when you remarry. Even if you just move in together, if you become better off, your ex-partner could ask to reduce or stop payments.
As well as the financial side of things, you might also want to revisit some of your paperwork. When you remarry it will void any existing will, so unless you make a new one, you’ll be treated as not having a will – so your children may not get what you want them to have.
This is particularly important to consider if both you and your new partner have children or grandchildren as you could be unknowingly disinheriting them.
If you are considering remarrying and would like to look at re-drafting your will, contact the Private Client team at Downs Solicitors to see how we can help.