Although Seniors can be committed in a new relationship, they are deciding not to remarry.

Living together like remarriage brings companionship and wider social circles, not to mention sexual intimacy, at a time when seniors may otherwise face isolation. And financially pooling resources in a single household often improves senior’s economic stability, especially for women who are at a higher risk for poverty.

Romance is wonderful, especially for a “senior”—but marriage has to be thought out carefully. The financial implications are the most important thing to consider.  Living together without getting married may make the most sense. But if marriage is what you want, you have to have serious financial discussions before you take the step.

Proof of your income, assets, credit history, debts and other obligations have to be disclosed.  Estimates don’t count. Full disclosure of credit history and debts is particularly important.  You don’t want to be responsible for debts your spouse brings to the marriage—they can burden the marriage—but they also should alert you to careless spending.  In many states, spouses are responsible for each other’s medical bills, including bills for long-term care.  “For richer, for poorer, in sickness and in health.”

And don’t even think of marriage without having a prenuptial agreement in place before the marriage.

But if  you make the decision to live together, ruling out marriage, you must have an agreement in place to protect you and your assets. A Pre-Prenuptial agreement would be the way to go. You MUST have an agreement in place before you do anything.