I am a 65-year-old widow and am considering getting married again. What financial steps should I take before I tie the knot? –A Reader
Dear Reader: This is a great question—and one worth considering at any age. Marriage is about love, but it also impacts your money. And the financial implications can be even more significant when both partners have had time to acquire and manage assets for many years. This can be especially true for a second marriage.
And it’s not just about numbers. There’s an emotional side to marrying your finances. You need to examine your own feelings about such things as financial independence and also take into account the feelings of your loved ones, particularly adult children.
There’s a lot to consider—both practical and personal. To me, it’s not just about understanding the financial issues on your own but about coming to an understanding with your partner. Although it may feel uncomfortable, it’s important to talk openly and honestly about your finances with your partner.
Here are some things to consider together.