Rich and Joan's Story:
The Financial Decisions That Come With A Mid-Life Marriage Are Overwhelming, Can You Help Us?
Rich and Joan are both divorced, in their late 50s and had been single for some time before meeting each other. Each had two children from their previous marriages, all of whom are either in college or living independently. Rich and Joan both have well-paying jobs and are living in the neighborhoods where their children went to school. Though they are ready to marry and combine households, they are uncertain about the financial decisions that come with this move. They are not sure how to make the right choices in light of what is best for each partner individually, for their new lives as a couple and for their families.
Whether you are marrying for the first time, after a divorce, or after becoming a widow(er), mid-life marriages can require addressing a host of topics related to financial planning and wealth management that are unique to this demographic. These can include:
- The need to understand the financial resources each brings to the union
- Combining individual financial goals and risk tolerances and addressing them as a couple
- Not wanting to lose a sense of financial responsibility
- Not wanting to be dependent on the other spouse for financial stability
- The financial impact of joining two families if dependent children are involved
- Identifying important legacy issues for heirs while still providing for the new spouse
- Relinquishing total control of financial decisions, instead having to consult, collaborate and compromise
- Decisions regarding a primary residence if more than one home is involved
These are just a few of the more common issues couples face when making the decision to marry again in late life or for the first time at an older age.
FAI understands the emotions that come with having these difficult discussions. One of our specialties is working with clients who have entered into mid-life marriages for a variety of reasons. FAI will work with you to develop a strategy for combining your wealth while allowing you to maintain your own personal, financial goals.
* Hypothetical example