20 Financial Pros and Cons of Getting Married Later in Life

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For many individuals, the financial repercussions of getting married are the last issue of consideration when deciding to tie the knot.

When you’re in love, you are unlikely to “count the costs” of the impending nuptials. Will we be able to support ourselves? What about insurance, medical costs, and the expense of a larger home?

While these questions are fundamental, we usually do not let them drive the overall conversation. But we should. We must.

The financial pros and cons of getting married later in life can be very significant. While none of these pros and cons of getting married older are “sure things” or “deal breakers,” they should be thoroughly examined and weighed.

Below, we explore some of the significant financial pros and cons of marrying later in life. As you peruse this list, be in conversation with your partner.

Ask one another, “Will our financial situations hamper or enhance our future nuptials?” And, relatedly, “Should we seek the counsel of someone removed from our situation and family experience?”

So, what are the advantages and disadvantages of late marriage?

How important are finances in marriage? Watch this video to know more.

Ten financial pros of marrying later in life

What are some of the advantages of marrying later in life? Here are ten points to convince you that getting married later in life may be beneficial, at least financially. 

1. Healthier fiscal “bottom line”

For most older couples getting married later in life, a combined income is the most apparent advantage.

A combined income is greater than expected in the earlier stages of life.

Older couples often benefit from a healthier fiscal “bottom line.” The higher income means more flexibility for travel, investment, and other discretionary expenditures.

Multiple homes, land holdings, and the like bolster the fiscal bottom line. What’s to lose, right?

2. A robust safety net for lean times

Older couples tend to have a bevy of assets at their disposal. From stock portfolios to real estate holdings, they often benefit from various financial resources that can provide a robust safety net for lean times.

Under the right conditions, all of these assets can be liquidated and transferred.

With this advantage of marrying later in life, one can marry a partner, knowing that our income stream can provide them with stability if we encounter an untimely death.

3. Companion for financial consultation

Seasoned individuals often have a good handle on their revenue and expenditures. Engaged in a consistent pattern of financial management, they know how to manage their money in a principled way.

This disciplined approach to financial management could mean financial stability for the marriage. Sharing the best of your financial insights and methods with a partner may be a win-win.

Having a companion to consult with on financial issues may also be a wonderful asset.

4. Both partners are financially independent

Older couples also step into a marriage with experience “paying their way.” Well-versed in the costs of maintaining a household, they may not be dependent on their partner’s income when they enter marriage.

This implied financial independence may serve the couple well as they begin their married life together. The old “his, her, mine” approach to bank accounts and other assets honors independence while also creating a beautiful sense of connectivity.

Related Reading: 6 Steps to Reaching Financial Freedom as a Married Couple

5. Combined and better financial health

Partners who marry late in life are likely to have better combined financial health. When both people have good investments, savings, and property, they will likely be financially sounder later when they combine their assets. For instance, they can rent one house and live in the other, giving them recurring income.

6. Solution-oriented approach

Since both of you come from a mature mindset and have shared your financial experiences, you enter the relationship with a solution-oriented approach to the financial crisis. You are likely to know how to handle such situations better.

7. Sharing costs

If you have been living on your own for the longest time, you understand that the cost of living is, in no way, less. However, when you get married, you can live with your spouse and cut some living costs in exactly half. 

Related Reading: Sharing Finances in a Marriage: Advice That Will Help You Succeed

8. Fewer taxes

While this may depend on the tax bracket both partners fall into; marriage may mean a reduction in the total taxes they pay for some people. This is a great incentive for people who are not yet married to get married and avail of benefits.

Related Reading: The Benefits of Marriage – Tax, Legal and More

9. You are just in a better place

One vital pro of getting married later in life is that you are in a better place, and we do not mean just financially. You may have paid all your debt back and have savings and investments that made you feel more secure and confident. This also positively affects your marriage or relationship since you are not dependent on your partner for anything.

This research highlights how low-income couples can have a reduced quality of relationships due to finances.

10. No income inequality

When people get married too young, there are chances that one partner earns more than the other. This could mean that one of them has to support the other financially. While nothing is wrong with that, it can sometimes lead to problems in the marriage. 

A pro of getting married later in life is that there may not be income inequality between the partners, reducing the chances of fights or arguments related to finances.

The financial cons of getting married later in life

What are some of the reasons that advocate you shouldn’t get married too late in life, with respect to finances? Read on.

1. Financial suspicion

Believe it or not, financial suspicion may creep into the psyche of individuals giving a late-stage marriage union a shot. As we age, we tend to guard our interests and assets.

In the absence of full disclosure with our potential mates, we may become quite suspicious that our significant other is withholding “lifestyle” enhancing income from us.

If our loved one continues to enrich their lives and we continue to struggle, do we want to be part of a “sketchy” union?

This is one of the financial disadvantages of marriage later in life.

2. Increased medical expenditures

Another disadvantage of getting married later in life is that medical expenses rise as we age. While we can often manage the first decades of life with limited medical expenses, later life may be inundated with trips to the hospital, dental clinic, rehab center, and the like.

When married, we pass these expenses on to our significant other. If we face a catastrophic illness or death, we pass the hefty expense on to those remaining. Is this the legacy we want to offer those we love the most?

3. Partner’s resources can get diverted toward their dependents

Adult dependents often seek financial support from their parents when the financial ship is listing. When we marry an older adult with adult children, their children become ours too.

If we disagree with the financial approach our loved ones take with their adult children, we are positioning all parties for significant conflict. Is it worth it? It’s up to you.

4. Liquidation of a partner’s assets

Eventually, most of us will need medical care that far exceeds our capacity. Assisted living/nursing homes may be in the cards when we cannot care for ourselves.

The financial impact of this level is tremendous, often leading to liquidating of one’s assets. This is an important consideration for older adults contemplating marriage.

Related Reading: A Couple’s Guide to Financially Preparing for the Future Together

5. Becoming responsible for children

When you marry late in life, you are likely to become financially responsible for children that your partner has from a previous marriage or relationship. For some, this may not be an issue. But for others, it can be a huge financial cost they would want to consider before tying the knot.

Related Reading: Tips to Successfully Navigating a Second Marriage and Children

6. Loss of social security benefits

If you are someone availing of the social security benefits from a previous marriage, you will lose out on them if you decide to remarry. This is one of the biggest cons people consider when getting married late in life.

This is definitely one of the disadvantages of marrying later in life.

7. Higher taxes

One of the reasons that older couples believe in cohabitating rather than getting married is because of the higher taxes. For some people, getting married may put the other partner in a higher tax bracket, making them pay more of their income as taxes, which could otherwise be used for expenses or savings.

8. Sorting out estates

You will likely have a few estates when you are older and may bring some valuables into the marriage. A con of getting married late can be the division of these estates when they have to be divided among children or grandchildren from different marriages.

In death, a share of these estates might go to the surviving spouse, not the children, which can be a concern for a parent.

9. College costs

Another reason older people consider not getting married is college costs for children of that age. College aid applications consider both spouses’ income when considering financial aid, even if only one of them is the child’s biological parent. 

Therefore, marriage later in life can be detrimental to children’s college funds.

10. Where do the funds go?

Another con of getting married later in life understands where the extra funds go. For instance, you rented out your partner’s house and started to live in yours. Is the rent from the other house going into a joint account? Where are these funds being used?

Chalking out these financial details may take up a lot of energy and time when you get married later in life.

Making the decision

Overall, there are many pros and cons of late marriage.

While it can be scary to “open the books” on our financial matters, it is important to offer as much information as possible as we step into the joys and challenges of marriage.

In the same way, our partners should be willing to disclose their financial information too. The intent is to foster healthy conversation about how the two independent households will work together as one unit.

On the flip side, our disclosures may show that a physical and emotional union is possible, but a fiscal union is impossible.

If partners share their financial stories transparently, they may discover their management and investment styles are fundamentally incongruent.

What to do? If you are still unsure about the pros and cons of a late marriage, ask for help from a trusted counselor and discern whether or not the union will be a viable union of a potential catastrophe.