Remarriage After 50: Legal Considerations

It’s never too late to find love, and many men and women are eager for another trip down the aisle. With a little more life experience, a second or third marriage can be the best you have ever had. But getting remarried later in life also raises some complications, which our clients should think through. Without proper planning, some men and women could end up derailing a carefully planned retirement or estate plan. Our Miami family lawyer identifies some key considerations to think through before saying “I do.”

How to Protect Yourself in Remarriage

When people reach their 50s, their income has usually stabilized and they have paid off some major debts, such as mortgages or student loans. Many have acquired significant assets, including investment accounts, retirement accounts, and real estate. Small business owners are usually in their peak earning years in their 50s. Decades of hard work have paid off as your business matures.

Jumping back into marriage can imperil your financial situation if you do not adequately protect your assets. Although you might be eager to get hitched once again, you need to think through the consequences. Some considerations include:

• Do you want to provide for adult children? You might have children from a previous relationship or marriage. Do you hope to provide for them in your estate plan? Under Florida law, your spouse at death has a right to select an elective share of your estate, regardless of what is in your will. Currently, the elective share is 30% of the estate.
• Do you own business assets? Unless you reach an agreement otherwise, the growth in your business while married could constitute marital property. That means divorcing could imperil your business.
• Are you receiving alimony from your former spouse? Getting remarried will terminate that alimony, which might hurt your financial situation. You should review whether you will financially benefit from remarrying.
• Are you on track for retirement? A divorce in your late 50s or 60s could financially devastate you and make it impossible to ever retire. Or you could have to tighten your belt at a time when you thought money concerns would fade away.

There are ways to meet your goals even after getting remarried. For example, you can use a premarital agreement to protect business assets in a future divorce. You might also ask your future spouse to waive their right to the elective share. This waiver is fully effective if done voluntarily.

You might realize that remarriage is not in your best interest financially, in which case you have important information. We strongly encourage anyone thinking of marriage after 50 to consult an experienced lawyer.

Call Our Office to Speak with a Miami Family Lawyer

Hamilton O’Neill has assisted many clients protect their families and businesses. We can discuss whether a premarital agreement is in your best interest. If so, we can discuss how to approach your partner about signing one, and we can draft an agreement that will stand up in court if challenged. Contact us to schedule a consultation with a Miami family lawyer at 305-371-3788.

Sources:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.201.html

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.2065.html