People who get married later in life in New York have many things to consider. Although older adults tend to have more life experience, they may have different ways of managing money. It is important to talk about these issues before making the marriage official.
Discussing spending habits
In some relationships, one person may spend money more liberally than the other. One person may buy more expensive items while the other prefers cheaper or generic items. It helps to discuss spending habits and try to compromise as much as possible.
Discussing shared funds
People who get married later in life may be accustomed to managing their own money. Others may prefer to merge their finances and have one spouse handle bills and other obligations. There is no right or wrong answer. However, couples can benefit from discussing whether they want to share their money or keep it divided after they marry.
Discussing assets
It is also important to talk about assets. If one person or both people have significant assets, a prenuptial agreement is one way for each party to protect them. A prenuptial agreement is especially important for older adults since they tend to have acquired more assets over the years or may have children who they want to ensure will get certain assets of theirs. Some people avoid this topic because it suggests a lack of trust. However, a prenuptial agreement is a way for both parties to be better prepared and protected.
The good news is that discussing these topics can help provide peace of mind for any couple. Talking about them in advance is also a way to practice good communication.