We’ve discussed at length about the rapidly rising divorce rate of Baby Boomers. But something that’s happening with a similar rise in popularity is the Boomer second (and sometimes third) marriage, which exponentially increases the number of pitfalls that they may encounter because of the 60% divorce rate in those marriages, boomer or otherwise.
And therein lies the problem — because the older divorcees usually have kids in the mix, deciding who gets what becomes an increasingly greater problem. So if you’re a Boomer in the process of getting hitched a second (or, again, third) time, these are some of the very particular points you and your future spouse need to address before walking down the aisle.
Consider a pre-nuptial agreement
This is probably more important the second time around considering both parties know what they have for the rest of their lives, or at least inching closer to it. Again, look at that divorce rate for second time marriages — even before you say “I do,” your marriage is already mathematically behind the eight-ball.
Remember to change your beneficiaries
Again, something very particular to this group of future matrimonies. John Bucsek, managing director of MetLife Solutions Group, says one of the biggest mistakes people make when they remarry is forgetting to change beneficiaries.
"Understanding and reviewing your beneficiaries on life insurance, annuities, IRAs is important," he says. "Also, your benefits at work. Quite often people have forgotten about those things. I've been involved where a current spouse forgot to change the beneficiary from his old spouse. But it's binding, and money is going to the ex-spouse."
Both partners need to review each other's credit reports
Whether it’s the first or fifth marriage, finances are the main reason people get divorced. While you may love your future spouse very much, you need to seriously take at look at what you’re signing on to marrying them. If they have a serious problem paying bills on time or been through multiple bankruptcies, maybe you should reassess whether it’s a good idea to attach them to your credit report.
For more questions, read this piece from USA Today.
Read more:Remarrying in retirement? Look before you leap (USA Today)