Elizabeth Taylor did it.
So did Zsa Zsa Gabor, Richard Pryor and Larry King.
And you might be considering it too: giving marriage more than one shot.
Remarriage rate statistics for older adults vary but are generally high. According to Bowling Green State University’s National Center for Family & Marriage Research, 28 percent of 45- to 64-year-olds and 31 percent of those 65-plus are remarried.
For the newly betrothed, you may think all you need is love. Yet you’ll likely also need an updated estate plan, knowledge of your Social Security benefits, and possibly a prenup before you head down that aisle. That’s because later-in-life remarriages often come with much to manage, including ex-spouses, adult kids, aging parents, and expectations based on past relationships.
“Everyone has baggage, but the older you are and the more you’ve lived, the more baggage you have,” says Terry Gaspard, author of The Remarriage Manual: How to Make Everything Work Better the Second Time Around.
“There are many hot-button issues” on the financial front, she says. “It can be complicated.”
Lakewood, Colorado, financial planner DeDe Jones knows that firsthand. Now 61, she remarried at age 58.
“A prenup is, of course, a good conversation, but that just scratches the surface,” says Jones, a certified public accountant and a certified financial planner (CFP). “Daily and monthly finances need to be discussed. Who pays what, and when? Joint or separate accounts? Some of both?
“Gifts at the holidays,” Jones continues. "Treatment of adult or nearly adult children. In-laws. Choosing who carries health insurance. Where to live. His house? Her house? Both? Neither? Hobbies and their relative cost. I could go on and on.”
But there is some good news for older lovebirds. “After age 50, people are mature enough to have proper money conversations that they weren’t ready to have in their younger lives,” Jones says. “Those conversations can strengthen the relationship and strengthen the marriage long term.”