4 Key Aspects Senior Couples Should Consider Before Getting Married

The big question to answer will be whether to combine your finances or not. Merging finances is not as simple as pooling money into the same savings accounts, you’ll need to take a call on:



• Managing day-to-day expenses such as home maintenance, groceries, utilities, etc.
• Whether to add your spouse’s name on assets such as a second home, investment property, 401(k) plan, and more.
• If either of you have debt, decide whether the individual will be solely responsible for repaying it or will it be repaid using pooled resources.

Additionally, be open about your future investment plans, such as expanding your portfolio, buying property, etc., and ask your spouse to do the same. Make the necessary tweaks and create a new financial plan which serves as a pathway to reach goals as a couple. 

Given the complexity of this process, consider working with a financial professional who can help make a solid plan and educate you on how to manage money as a new couple.

If you or your spouse currently receive Medicaid, take into consideration how the marriage will impact the benefits you receive. As reported by Medicaid.gov, this is a public health program catered toward helping low-income individuals, but its eligibility is calculated based on total household income. Hence, if the annual income of your new household exceeds the maximum threshold, you may no longer be eligible for Medicaid.

In this scenario, it is important to make a clear plan on how healthcare requirements will be managed in the future. The best options include:



• Applying for good health insurance, which can be taken separately or as a couple.
• Use your employer-provided health insurance to cover healthcare needs. As coverage varies among companies, it’s best to speak with the employer to understand the viability of this option.
  

With a partner by your side, the future will look different than before. While you don’t need to follow plans to the T, it’s good to create several mutually shared goals to work towards in the golden years of your life. These can include:

• Starting a Business: If the entrepreneurial spirit burns bright in both of you, starting a business can be a great option to consider. Given decades of work experience, both of you will bring unique skills and experience to the table that will help make the business successful. In addition to serving as the primary or secondary source of income, managing the business as a couple will result in you spending the majority of time with your better half each day.

When it comes to promoting your business, the essentials will include designing a responsive website and leveraging social media advertising. There are various online tools through which you can create a Facebook ad in seconds. 

• Buying a Home: While moving in with your partner is always an option, relocating is an exciting prospect to consider. This can involve moving to a state both of you always wanted to live in, or making the move away from the city to spend your retirement years in peace in the suburbs.

The home buying process can be tedious, as it may involve selling your current home, applying for a mortgage, and much more. Hence, it’s best to start early and create provisions in your financial plan.

While this may be an uncomfortable topic to bring up, discuss the need for a prenuptial agreement (prenup) with your partner. As reported by Nolo, a prenup is a legal document that includes details regarding the financial assets of each individual and conditions attached to them in the event of divorce or bereavement.

Here are prominent reasons you can consider creating a prenup:



• Assets from Previous Marriages: Individuals with children from prior marriages can use prenups to clarify how assets will be distributed in the event of their passing. Without a prenup, property rights typically pass onto the significant other, which creates the possibility of a future legal dispute.
• Protection from Debts: Prenups can also be used to protect yourself from being held liable for the repayment of your partner’s debts. 

While you may be counting down the days to the wedding, before making it official, take the time to make a plan regarding the above-mentioned aspects to ensure you and your partner are secured for the foreseeable future.