A 2022 study published in the Journal of Marriage and Family identified that the rate for first-time marriages for people aged 40 and above has increased by 75% for women and 45% for men. Having money conversations is important for any couple on the brink of combining their finances, having children, or getting married, but it’s especially important if you’re bringing in children from a previous marriage and assets you’ve accumulated prior to a first or second marriage later in life.
Merging finances with significant assets also calls on you to hire an experienced and qualified team of professionals to guide you through that process. You and your partner should sit down and discuss what you currently owe as well as what you currently own.
It’s also wise to look at any existing power of attorney or healthcare authorizations that name other family members, as you may want to transfer these to your new spouse. Both sposues should be on the same page about making sure that any previous documents either still match their wishes or will be revoked. Discuss revoking old documents and adding new ones with your estate planning lawyer in Pasadena.
Furthermore, you need to discuss how you plan to protect everything, such as increasing the value of your life insurance policies to ensure that the other person and any children are covered if something happens to one of the spouses.
Make sure that your insurance needs across the board fit with the structure of your current family and that you’ve updated your estate plans from any previous relationships or marriages, if applicable.
Our estate planning attorneys are here to answer your questions about planning for your future.