

{"id":11463,"date":"2016-12-01T09:50:10","date_gmt":"2016-12-01T09:50:10","guid":{"rendered":"http:\/\/www.marriage.com\/advice\/?p=11463"},"modified":"2022-11-04T11:04:26","modified_gmt":"2022-11-04T11:04:26","slug":"the-financial-pros-and-cons-of-getting-married-later-in-life","status":"publish","type":"post","link":"https:\/\/www.marriage.com\/advice\/finance\/the-financial-pros-and-cons-of-getting-married-later-in-life\/","title":{"rendered":"20 Financial Pros and Cons of  Getting Married Later in Life"},"content":{"rendered":"\n<p><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-11465 size-full alignnone\" title=\"The Financial Pros and Cons of Getting Married Later in Life\" src=\"http:\/\/image.marriage.com\/advice\/wp-content\/uploads\/2016\/12\/2-9.jpg\" alt=\"The Financial Pros and Cons of Getting Married Later in Life\" width=\"804\" height=\"350\"><\/p>\n<p><span style=\"font-weight: 400;\">For many individuals, the financial repercussions of getting married are the last issue of consideration when deciding to tie the knot.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you&rsquo;re in love, you are unlikely to &ldquo;count the costs&rdquo; of the impending nuptials. Will we be able to support ourselves? What about insurance, medical costs, and the expense of a larger home?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While these questions are fundamental, we usually do not let them drive the overall conversation. But we should. We must.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The financial pros and cons of getting married later in life can be very significant. While none of these pros and cons of <\/span><a href=\"https:\/\/www.marriage.com\/advice\/relationship\/marrying-an-older-woman\/\"><span style=\"font-weight: 400;\">getting married older<\/span><\/a><span style=\"font-weight: 400;\"> are &ldquo;sure things&rdquo; or &ldquo;deal breakers,&rdquo; they should be thoroughly examined and weighed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below, we explore some of the significant financial pros and cons of marrying later in life. As you peruse this list, be in conversation with your partner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ask one another, &ldquo;Will our financial situations hamper or enhance our future nuptials?&rdquo; And, relatedly, &ldquo;Should we seek the counsel of someone removed from our situation and family experience?&rdquo;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what are the <\/span><span style=\"font-weight: 400;\">advantages and disadvantages of late marriage?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">How important are finances in marriage? Watch this video to know more.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/q-vIi0PLwKE\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ten-financial-pros-of-marrying-later-in-life\"><\/span><strong>Ten financial pros of marrying later in life<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">What are some of the advantages of marrying later in life? Here are ten points to convince you that getting married later in life may be beneficial, at least financially.&nbsp;<\/span><\/p>\n<h3><b>1. Healthier fiscal &ldquo;bottom line&rdquo;<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">For most older couples getting married later in life, a combined income is the most apparent advantage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A combined income is greater than expected in the earlier stages of life.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Older couples often benefit from a healthier fiscal &ldquo;bottom line.&rdquo; The higher income means more flexibility for travel, investment, and other discretionary expenditures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Multiple homes, land holdings, and the like bolster the fiscal bottom line. What&rsquo;s to lose, right?<\/span><\/p>\n<h3><b>2. A robust safety net for lean times<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Older couples tend to have a bevy of assets at their disposal. From stock portfolios to real estate holdings, they often benefit from various financial resources that can provide a robust safety net for lean times.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under the right conditions, all of these assets can be liquidated and transferred.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With this <\/span><a href=\"https:\/\/www.marriage.com\/advice\/relationship\/why-you-should-marry-early\/\"><span style=\"font-weight: 400;\">advantage of marrying later in life<\/span><\/a><span style=\"font-weight: 400;\">, one can marry a partner, knowing that our income stream can provide them with stability if we encounter an untimely death.<\/span><\/p>\n<h3><b>3. Companion for financial consultation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Seasoned individuals often have a good handle on their revenue and expenditures. Engaged in a consistent pattern of <\/span><a href=\"https:\/\/www.marriage.com\/advice\/finance\/quick-tips-to-managing-finances-in-marriage\/\"><span style=\"font-weight: 400;\">financial management<\/span><\/a><span style=\"font-weight: 400;\">, they know how to manage their money in a principled way.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This disciplined approach to financial management could mean financial stability for the marriage. Sharing the best of your financial insights and methods with a partner may be a win-win.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having a companion to consult with on <\/span><a href=\"https:\/\/www.marriage.com\/advice\/finance\/types-and-ways-to-handle-financial-issues-in-marriage\/\"><span style=\"font-weight: 400;\">financial issues<\/span><\/a><span style=\"font-weight: 400;\"> may also be a wonderful asset.<\/span><\/p>\n<h3><b>4. Both partners are financially independent<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Older couples also step into a marriage with experience &ldquo;paying their way.&rdquo; Well-versed in the costs of maintaining a household, they may not be dependent on their partner&rsquo;s income when they enter marriage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This implied financial independence may serve the couple well as they begin their married life together. The old &ldquo;his, her, mine&rdquo; approach to bank accounts and other assets honors independence while also creating a beautiful sense of connectivity.<\/span><\/p>\n<pre><b><i>Related Reading:<\/i><\/b> <a href=\"https:\/\/www.marriage.com\/advice\/finance\/steps-to-reaching-financial-freedom-as-married-couples\/\"><i><span style=\"font-weight: 400;\">6 Steps to Reaching Financial Freedom as a Married Couple<\/span><\/i><\/a><\/pre>\n<h3><b>5. Combined and better financial health<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Partners who marry late in life are likely to have better combined financial health. When both people have good investments, savings, and property, they will likely be financially sounder later when they combine their assets. For instance, they can rent one house and live in the other, giving them recurring income.<\/span><\/p>\n<h3><b>6. Solution-oriented approach<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Since both of you come from a mature mindset and have shared your financial experiences, you enter the relationship with a solution-oriented approach to the <\/span><a href=\"https:\/\/www.marriage.com\/advice\/finance\/deal-with-financial-stress\/\"><span style=\"font-weight: 400;\">financial crisis<\/span><\/a><span style=\"font-weight: 400;\">. You are likely to know how to handle such situations better.<\/span><\/p>\n<h3><b>7. Sharing costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you have been living on your own for the longest time, you understand that the cost of living is, in no way, less. However, when you get married, you can live with your spouse and cut some living costs in exactly half.&nbsp;<\/span><\/p>\n<pre><b><i>Related Reading:<\/i><\/b> <a href=\"https:\/\/www.marriage.com\/advice\/finance\/sharing-finances-in-a-marriage-advice-that-will-help-you-succeed\/\"><i><span style=\"font-weight: 400;\">Sharing Finances in a Marriage: Advice That Will Help You Succeed<\/span><\/i><\/a><\/pre>\n<h3><b>8. Fewer taxes<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While this may depend on the tax bracket both partners fall into; marriage may mean a reduction in the total taxes they pay for some people. This is a great incentive for people who are not yet married to get married and avail of benefits.<\/span><\/p>\n<pre><b><i>Related Reading: <\/i><\/b><a href=\"https:\/\/www.marriage.com\/advice\/family\/benefits-of-marriage\/\"><i><span style=\"font-weight: 400;\">The Benefits of Marriage &ndash; Tax, Legal and More<\/span><\/i><\/a><\/pre>\n<h3><b>9. You are just in a better place<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One vital pro of getting married later in life is that you are in a better place, and we do not mean just financially. You may have paid all your debt back and have savings and investments that made you feel more secure and confident. This also positively affects your marriage or relationship since you are not dependent on your partner for anything.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This <\/span><a href=\"https:\/\/www.ncbi.nlm.nih.gov\/pmc\/articles\/PMC3404834\/\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">research<\/span><\/a><span style=\"font-weight: 400;\"> highlights how low-income couples can have a reduced quality of relationships due to finances.<\/span><\/p>\n<h3><b>10. No income inequality<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">When people get married too young, there are chances that one partner earns more than the other. This could mean that one of them has to support the other financially. While nothing is wrong with that, it can sometimes lead to problems in the marriage.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A pro of getting married later in life is that there may not be <\/span><a href=\"https:\/\/www.marriage.com\/advice\/finance\/money-imbalance-in-relationships\/\"><span style=\"font-weight: 400;\">income inequality between the partners<\/span><\/a><span style=\"font-weight: 400;\">, reducing the chances of fights or arguments related to finances.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-11467 size-full alignnone\" title=\"The Financial Pros and Cons of Getting Married Later in Life\" src=\"http:\/\/image.marriage.com\/advice\/wp-content\/uploads\/2016\/12\/3-6.jpg\" alt=\"The Financial Pros and Cons of Getting Married Later in Life\" width=\"804\" height=\"350\"><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The-financial-cons-of-getting-married-later-in-life\"><\/span><b>The financial cons of getting married later in life<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">What are some of the reasons that advocate you shouldn&rsquo;t get married too late in life, with respect to finances? Read on.<\/span><\/p>\n<h3><b>1. Financial suspicion<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Believe it or not, financial suspicion may creep into the psyche of individuals giving a late-stage marriage union a shot. As we age, we tend to guard our interests and assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the absence of full disclosure with our potential mates, we may become quite suspicious that our significant other is withholding &ldquo;lifestyle&rdquo; enhancing income from us.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If our loved one continues to enrich their lives and we continue to struggle, do we want to be part of a &ldquo;sketchy&rdquo; union?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is one of the <\/span><span style=\"font-weight: 400;\">financial disadvantages of marriage later in life.<\/span><\/p>\n<h3><b>2. Increased medical expenditures<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Another disadvantage of getting married later in life is that medical expenses rise as we age. While we can often manage the first decades of life with limited medical expenses, later life may be inundated with trips to the hospital, dental clinic, rehab center, and the like.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When married, we pass these expenses on to our significant other. If we face a catastrophic illness or death, we pass the hefty expense on to those remaining. Is this the legacy we want to offer those we love the most?<\/span><\/p>\n<h3><b>3. Partner&rsquo;s resources can get diverted toward their dependents<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Adult dependents often seek financial support from their parents when the financial ship is listing. When we marry an older adult with adult children, their children become ours too.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If we disagree with the financial approach our loved ones take with their adult children, we are positioning all parties for significant conflict. Is it worth it? It&rsquo;s up to you.<\/span><\/p>\n<h3><b>4. Liquidation of a partner&rsquo;s assets<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Eventually, most of us will need medical care that far exceeds our capacity. Assisted living\/nursing homes may be in the cards when we cannot care for ourselves.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The financial impact of this level is tremendous, often leading to liquidating of one&rsquo;s assets. This is an important consideration for older adults contemplating marriage.<\/span><\/p>\n<pre><b><i>Related Reading: <\/i><\/b><a href=\"https:\/\/www.marriage.com\/advice\/finance\/couples-guide-to-financially-preparing-for-the-future\/\"><i><span style=\"font-weight: 400;\">A Couple&rsquo;s Guide to Financially Preparing for the Future Together<\/span><\/i><\/a><\/pre>\n<h3><b>5. Becoming responsible for children<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">When you marry late in life, you are likely to become financially responsible for children that your partner has from a previous marriage or relationship. For some, this may not be an issue. But for others, it can be a huge financial cost they would want to consider before tying the knot.<\/span><\/p>\n<pre><b><i>Related Reading: <\/i><\/b><a href=\"https:\/\/www.marriage.com\/advice\/counseling\/tips-to-navigating-a-second-marriage-and-children\/\"><i><span style=\"font-weight: 400;\">Tips to Successfully Navigating a Second Marriage and Children<\/span><\/i><\/a><\/pre>\n<h3><b>6. Loss of social security benefits<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you are someone availing of the <\/span><a href=\"https:\/\/www.ssa.gov\/benefits\/survivors\/ifyou.html\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">social security benefits<\/span><\/a><span style=\"font-weight: 400;\"> from a previous marriage, you will lose out on them if you <\/span><a href=\"https:\/\/www.marriage.com\/advice\/relationship\/what-to-consider-before-remarrying\/\"><span style=\"font-weight: 400;\">decide to remarry<\/span><\/a><span style=\"font-weight: 400;\">. This is one of the biggest cons people consider when getting married late in life.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is definitely one of the disadvantages of marrying later in life.<\/span><\/p>\n<h3><b>7. Higher taxes<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One of the reasons that older couples believe in cohabitating rather than <\/span><a href=\"https:\/\/www.marriage.com\/advice\/pre-marriage\/6-basic-steps-to-getting-married\/\"><span style=\"font-weight: 400;\">getting married<\/span><\/a><span style=\"font-weight: 400;\"> is because of the higher taxes. For some people, getting married may put the other partner in a higher tax bracket, making them pay more of their income as <\/span><a href=\"https:\/\/www.taxpolicycenter.org\/briefing-book\/what-are-marriage-penalties-and-bonuses\" rel=\"nofollow\" target=\"_blank\"><span style=\"font-weight: 400;\">taxes,<\/span><\/a><span style=\"font-weight: 400;\"> which could otherwise be used for expenses or savings.<\/span><\/p>\n<h3><b>8. Sorting out estates<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You will likely have a few estates when you are older and may bring some valuables into the marriage. A con of getting married late can be the division of these estates when they have to be divided among children or grandchildren from different marriages.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In death, a share of these estates might go to the surviving spouse, not the children, which can be a concern for a parent.<\/span><\/p>\n<h3><b>9. College costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Another reason older people consider not getting married is college costs for children of that age. College aid applications consider both spouses&rsquo; income when considering financial aid, even if only one of them is the child&rsquo;s biological parent.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, marriage later in life can be detrimental to children&rsquo;s college funds.<\/span><\/p>\n<h3><b>10. Where do the funds go?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Another con of getting married later in life understands where the extra funds go. For instance, you rented out your partner&rsquo;s house and started to live in yours. Is the rent from the other house going into a joint account? Where are these funds being used?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chalking out these financial details may take up a lot of energy and time when you get married later in life.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Making-the-decision\"><\/span><b>Making the decision<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Overall, there are many pros and cons of late marriage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it can be scary to &ldquo;open the books&rdquo; on our financial matters, it is important to offer as much information as possible as we step into the joys and challenges of marriage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the same way, our partners should be willing to disclose their financial information too. The intent is to foster healthy conversation about how the two independent households will work together as one unit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the flip side, our disclosures may show that a physical and emotional union is possible, but a fiscal union is impossible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If partners share their financial stories transparently, they may discover their management and investment styles are fundamentally incongruent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What to do? If you are still unsure about the pros and cons of a late marriage, ask for help from a trusted counselor and discern whether or not the union will be a viable union of a potential catastrophe.<\/span><\/p>\n","protected":false,"raw":""},"excerpt":{"rendered":"<p>For many individuals, the financial repercussions of getting married are the last issue of consideration when deciding to tie the knot. When you&rsquo;re in love, you are unlikely to &ldquo;count the costs&rdquo; of the impending nuptials. Will we be able to support ourselves? What about insurance, medical costs, and the expense of a larger home? While these questions are fundamental, we usually do not let them drive the overall conversation. But we should. We must. The financial pros and cons of getting married later in life can be very significant. While none of these pros and cons of getting married <\/p>\n","protected":false},"author":675,"featured_media":11465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[2573],"_links":{"self":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts\/11463"}],"collection":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/users\/675"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/comments?post=11463"}],"version-history":[{"count":7,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts\/11463\/revisions"}],"predecessor-version":[{"id":81115,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/posts\/11463\/revisions\/81115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/media\/11465"}],"wp:attachment":[{"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/media?parent=11463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/categories?post=11463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marriage.com\/advice\/wp-json\/wp\/v2\/tags?post=11463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}