You're never too old to find love, but if you're remarrying later in life there are some issues and potential obstacles to consider before you say "I do." Julia Anderson, money and retirement blogger, joined us to share some tips to help make tthe relationship a success, especially if you both have grown children.
- Talk with your beloved about setting up your financial household. Will there be a joint account for household expenses? How will you handle expenses?
- Get a pre-nup agreement that spells out who gets what and when, if you die.
- Buy term life insurance on each other to protect the other from short-term financial hardship if one of you dies.
- Each of you update your wills.
- Each of you write out a tangible asset list of who gets what when you die. Some things your new spouse may get to keep until she dies, some things the kids get right away.
For more great information, visit Julia's blog.