Essential Preparations for Brides and Grooms Tying the Knot Later in Life

Love knows no age, and more Australians are finding their perfect match later in life.

Whether you’re walking down the aisle for the first time or embarking on a new chapter with a fresh partner, getting married in your golden years is a beautiful celebration of love and companionship. However, it also comes with its own set of unique considerations.

David Kaplan, Co-founder of end-of-life planning service Willed, emphasises the importance of thoughtful preparation: “Marriage at any age is a significant life event, but tying the knot later in life requires careful consideration of various legal and financial aspects. It’s not just about planning a wonderful wedding; it’s about setting the foundation for a harmonious life together.”

So if you’re getting ready to say “I do” — for the first time or again in your later years — here are some things to consider with your partner before the big day.

1. Have the Money Talk

Finances become more intricate as we age, and transparency is key. Sit down with your partner and have an open, honest discussion about your financial situation. The important things to cover include the following.

• Retirement savings and superannuation: Discuss your current savings, projected retirement age, and how marriage might affect your superannuation benefits. According to ASIC, marriage can impact your superannuation beneficiaries, so it’s crucial to review these.
• Existing financial commitments: Be upfront about mortgages, investment properties, child support, or any other ongoing financial obligations.
• Income and expenses: Share information about your current income, expected future income (including pensions), and regular expenses.
• Debt: Disclose any existing debts, including credit cards, personal loans, or mortgages.
• Financial management style: Discuss how you’ll handle joint and separate accounts, bill payments, and major purchases.
• Financial goals: Talk about your short-term and long-term financial objectives as a couple.

Consider consulting a financial advisor who specialises in retirement planning for couples. They can provide tailored advice on optimising your finances as a newly married mature couple.

2. Update Your Estate Plan

Marriage significantly impacts your estate planning, and this becomes even more crucial when you tie the knot later in life.

“Updating your estate plan isn’t just about writing a new will”, says Kaplan, Willed’s Co-founder. “Doing so ensures your assets are distributed according to your wishes while providing for both your new spouse and any existing family members.”

Key steps include:

• Revising your will: In most Australian states, marriage automatically revokes any previous will unless it was made in contemplation of the marriage. Work with a solicitor or an online service like Willed to create a new will that reflects your current wishes.
• Reviewing beneficiary designations: Update the beneficiaries on your superannuation, life insurance policies, and any other accounts with designated beneficiaries.
• Consider a testamentary trust: This can be particularly useful if you have children from previous relationships and want to ensure they’re provided for.
• Granting power of attorney: Decide who will make financial and medical decisions on your behalf if you become incapacitated.
• Advance care directive: Document your preferences for future medical treatments and end-of-life care.

3. Consider a Prenuptial Agreement

While it may not seem romantic, a prenuptial agreement (or “binding financial agreement” as it’s known in Australia) can provide clarity and protection for both parties.

This is especially important if you have significant assets, children from previous relationships, or business interests.

A prenup can cover:

• Division of assets and debts in case of separation
• Spousal maintenance arrangements
• Protection of assets for children from previous relationships
• Business ownership and interests

According to the Family Law Act 1975, prenuptial agreements are legally binding in Australia if they meet certain criteria. It’s essential that both parties seek independent legal advice before signing.

4. Blend Families with Care

If either of you has children from previous relationships, thoughtful family blending is crucial. Here are some strategies to ease the transition.

• Open communication: Have honest discussions with your partner about expectations for step-parent/step-child relationships.
• Family meetings: Consider regular family meetings to address concerns and build relationships.
• Respect existing bonds: Acknowledge and respect the strong bonds that exist between biological parents and children.
• Create new traditions: Establish new family traditions that include everyone, while also maintaining some old ones.
• Seek professional help: Family counselling can provide strategies for successful blending. Relationships Australia offers services specifically for blended families.

5. Evaluate Your Living Situation

Deciding where to live after the wedding is a significant decision. Options include:

• Moving into one partner’s existing home
• Buying or renting a new place together
• Maintaining separate residences (known as “living apart together”)

Each option has financial and emotional implications. Consider factors such as:

• Proximity to family and friends
• Accessibility and future care needs
• Financial aspects (e.g., capital gains tax implications of selling a property)
• Emotional attachment to current homes

If you decide to sell a property, be aware of how this might affect your pension eligibility. Consult the Department of Human Services for specific advice on how your living arrangements might impact your benefits.

6. Reassess Your Healthcare Needs

As pointed out by Kaplan, “Healthcare becomes an increasingly important consideration as we age. It’s vital to review and align your health insurance policies and consider future care needs together.”

Steps to take include:

• Reviewing and potentially combining private health insurance policies
• Discussing each other’s current health conditions and medications
• Considering long-term care insurance options
• Exploring home care services that might be needed in the future

The Australian Government’s My Aged Care website is an excellent resource for information on aged care services and how to access them.

7. Plan a Ceremony That Reflects You

Your wedding should be a true reflection of your love story and life experiences. Don’t feel constrained by tradition – create a ceremony and reception that represents you as a couple. Consider:

• A smaller, more intimate gathering
• Involving children or grandchildren in the ceremony
• Choosing a meaningful location
• Writing your own vows that reflect your life journey together
• Incorporating elements from your cultural or religious backgrounds

Remember, there are no rules. Whether you want a traditional church wedding or a casual backyard barbecue, the most important thing is that it feels right for you.

8. Communicate Your Expectations

Open, honest communication is the cornerstone of any successful relationship. Discuss your hopes, fears, and expectations for this new chapter in your lives. Topics might include:

• Retirement goals and timelines
• Travel and leisure activities
• Caregiving responsibilities for ageing parents or grandchildren
• Personal space and independence within the marriage
• Intimacy and physical affection

Remember, it’s okay to have different expectations — the key is to discuss them openly and find compromises where necessary.