For Richer, For Poorer, In sickness and in health, I do.... (again)

Many couples get together when at least one of them already owns a property and it makes sense for the other to move into this. But who pays the mortgage, or the repairs and is the owner happy that the financial arrangements could lead to their new partner acquiring part-ownership of that property? Perhaps it is not an issue whilst you are together, but what if one party dies – can the other stay living in that property? Who will the property pass to on death?

The law is different if you choose to co-habit, so if you marry and this is both in terms of splitting up or one party dying.

If you choose to buy a new home to share, obtain advice on the form of joint ownership – the shares that you have in that property as you may have contributed different amounts of money.

This may matter to you if you want to ensure that your children receive your share if you die, and on that note….

Marriage invalidates your Will

If you marry having made a Will leaving all your estate to your children, then you will need to make a new one. It is not essential to leave everything to your spouse in your Will but you will need advice to ensure that the will both provides for your spouse and also secures your estate for your children if you still want this. Perhaps you have sentimental items that you wish to ensure go to your children and not to your spouse because they were from your family?

And what about the money/assets that you accumulate during your marriage? Or who will be your Executor – maybe you would like both your adult children and your new partner to jointly decide on things after your death? These are different relationships than when you are married to the parent of your children.

Equity Release

Lots of older couples look to Equity Release to realise cash in their valuable properties and this is often the case in a new romance when it is fun to go on great holidays or to afford a decent lifestyle. But again, it is so important that you go into these arrangements with eyes wide open as there are side effects to them!

Who do you want to look after your affairs if you become unable to?

Again, this is a trickier question if you are with someone other than your children’s parent – sometimes there is a clash, and sometimes there is a lack of trust particularly with finances. Make a Power of Attorney but do so carefully and think of all angles of who you would put in charge of your money and your property and where they would have a conflict of interest. Sometimes, it is wiser to choose someone independent.

Who will make decisions about your health and your end of life care?

You hope that you have now found the person to enjoy the rest of your life with. It is worth having those frank discussions to make sure that you each understand how that is to end and what sort of treatment you want for yourself. Make those sensitive wishes known and appoint the right person (perhaps a partner, or perhaps one or more of your children) by a Lasting Power of Attorney for Health.

Basically the advice is to get a legal MOT when you decide to take that plunge into a 2nd relationship – make sure that your baggage comes along intact and protected!