Gray Marriage: How to Avoid Expensive Mistakes

Friends Talk Money

Since the 1990s an increasing number of people are getting remarried at a later age. Couples who are entering second marriages at this point in life need to fully understand the financial implications. How much wealth and debt will they bring to the union? Whose home will the newlywed couple live in? How do you make compromises on everyday spending and bill payments? And what should each person do to safeguard their own financial interests and those of their own children while still being fair to their new spouse and their children? Since money-related issues are one of the chief causes of marital friction and divorce, it’s important to have these discussions before the marriage takes place, even if the outcome involves establishing prenuptial agreements to protect both spouses.