Attorney & Mediator
Attorney & Mediator

Second Marriages – Financial Pitfalls to Consider

Second Marriages – Financial Pitfalls to Consider

Many individuals considering remarriage enter into discussions concerning finances but are not aware of some of the issues which they cannot contract their way around.

A couple can enter into a Pre-nuptial Agreement which addresses living expenses, inheritance and similar issues.  Here are some additional issues that should be considered which cannot be affected by a Pre-nuptial Agreement.

 

Social Security: Remarriage can affect the benefits of many divorced or widowed seniors (especially women) who receive Social Security from their former spouses. Getting remarried stops divorced spouse’s benefits. Remarriage before age 60 (50 if you’re disabled) will cause widows and widowers to lose the right to survivors benefits from their former spouse.

 

Pension benefits: Widows and widowers of public employees, such as police and firemen, often receive a pension which they can lose if they remarry. Additionally,  widows and widowers of military personnel killed in duty may lose their benefits if they remarry before age 57. Survivors of federal civil servants that receive a pension will forfeit it if they remarry before 55. If you’re receiving one of these benefits, check your policy to see what the affect will be.

 

Alimony: If you are receiving alimony from an ex‑spouse, it in all likelihood will end if you remarry and might even be cut off if you live together.  Check your Judgment of Divorce.

 

College aid: If you have any children in college receiving financial aid, getting married and adding a new spouse’s income to the family could affect your child’s eligibility for financial aid.