[USER]

I’m a 57 F considering getting married to a 62 M. We both have adult children, own our individual homes, and have saved for retirement (similar assets).

We both want our own homes to go to our own children and are making plans for that. With the knowledge that there are no secrets here and we know and trust each other well…

What questions/topics should we be discussing with each other? What life-experience advice would you share?

Already in the list is separate vs. joint banking accounts, and splitting expenses.

[Jamie]

Just make sure you have your estate planning documents carefully prepared and keep them up to date.

[Lauren]

Spousal social security from the first marriage. How long were you married previously? Were either of you widowed?

These things can impact filing strategies.

Trusts with provisions regarding the homes.

Checking marriage tax rates. Same or less for total income?

I am pro-marriage. It’s mostly beneficial, but just a few things to check off the list before the I do.

[Osama]

Move it to a trust. Write the will and collect income the assets until it’s time to go and divide the funds between

[Virginia]

Are you going to both live together in one of the homes? Will you keep both homes and live in each of them part of the year? Will you be renting a house out?

How long does the surviving spouse have to live in the house before the heirs can sell it and let’s say they have a year to leave the house, who covers home insurance, taxes and expenses that year.

It is usually best that these things are spelled out so that each set of children is aware of contingencies.

[Abby]

Since you are both well established and have kids, I really think you should have a thoughtfully prepared prenup, just in case.

[Suzi]

Prenup and separate trusts for your properties and assets for each side of the family.

It will make it really clear later for your families.

[Author]

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