Today’s Smart Money Question:
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Here Are Just A Handful Of Things You’ll Learn:
We recently had a client come to the office and ask us to help them understand the financial implications to getting remarried. They were weighing the option of marriage versus staying with a partner without the legally binding agreement.
This is such an important topic and one that we wanted to feature on the podcast. Marriage in your 40s or 50s brings a different set of dynamics to the union and they need to be considered before jumping back into a legal agreement.
Whether you were previously married or not, by the time you’ve reached this age you’ve accumulated much more than people in their 20s. Your assets include retirement accounts, real estate, investments, and more, so how will these things be sorted out within a new marriage?
There are a number of questions you need to answer before making a decision. Matt Hausman runs through each of these items and helps make sense of why each is important. From dividing assets to estate planning to taxes, there are distinct differences between being married and being single. Let us help you understand those factors on this episode of Smart Money Questions.
Check out the show and utilize the timestamps below to skip ahead to a specific topic in the show.
1:03 – The backstory behind today’s main topic.
4:31 – Here’s the question I was asked last week.
5:40 – These are the initial questions that I asked her to get a grasp on all the assets and expenses.
8:00 – For those that don’t know, I’ve been through this same situation.
9:17 – Here are some of the reasons you would not get remarried.
12:06 – A very important thing you have to figure out is what debt situation am I walking into and will I be assuming responsibility for this debt.
12:39 – Let’s talk about the idea of estate planning. Each option results in distinct differences.
15:31 – Let’s talk specifically about where your assets are – IRAs, 401(k)s, etc. How do taxes impact these?
17:02 – What if we want to give all our assets away and we are single versus married?
19:42 – Recapping everything we need to be asking.
21:55 – Once you go through this process, don’t stop. Create the plan and follow through with it.
Additional Podcast Episodes:
UNDERSTANDING TAX LAWS CAN HELP YOU WITH INVESTING DECISIONS
- WHAT’S THE VALUE OF AN ADVISOR?
ESTATE PLANNING ESSENTIALS: BENEFICIARY FORMS AND LEGAL DOCUMENTS
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
