As seniors in Texas and across the country are learning, people outliving one or more spouses is becoming more probable, leaving many seniors with the opportunity to invest in new relationships later in life. Even a divorce later in life can leave the space to find another soul mate. But finding another partner so late in life has drawbacks, and the adult children from previous relationships may see the new spouse as a means to diminish their inheritance.
Later-in life marriages carry a series of risks for those contemplating tying the knot. The loss of benefits provided by the government can be one area of concern, and it can leave older newlyweds having to pick up the financial tab. Debts brought to the union could also become the burden of a surviving spouse. Some older couples see these as non-issues, and they instead focus on the effects a new marriage so late in life would create for adult children.
One couple decided to tie the knot after thirteen years of dating. The daughter of the bride expressed real concern about the proposed inheritance that was expected to go to her. Without any real knowledge or experience estate or financial planning, the daughter’s concerns may have been valid. However, had her mother enacted a prenuptial agreement or drafted a will, it could have eased the daughter’s anxiety.
As more seniors decide to remarry later in life, the adult children may feel that the parent involved could be taken advantage of in the event of a divorce. With the proper paper work in place, older Texas individuals seeking to form a union with a new spouse can move forward with the blessing of their adult children. Properly prepared and legally executed wills and prenuptial agreements can protect assets and ensure that adult children are receiving the inheritance that their parents intended to bestow upon them.
Source: The New York Times, “When Your Parents Remarry, Everyone Is Happy, Right?“, Tammy La Gorce, March 22, 2018