Don’t Let Housing Drama Tank Your Late In Life Romance

Romantic relationships are so much simpler when you are over 50, not least because both partners are financially independent from the outset.  You don’t have the problem that so many young couples face, where you have just taken the first steps toward being in charge of your own finances, and then you must figure out how to add a partner to the mix.  Just as there is not a one size fits all way for couples who marry early in life to manage their finances, older couples also get to decide on an individual basis what works for them.  Unless you are fabulously wealthy, the house which is your primary residence is the most valuable thing you own.  Even for couples who are mature enough to know that money isn’t everything, the house where they live can be a source of conflict, especially after one partner dies.  For help understanding the estate law consequences of your living situation with your new partner, contact an Orlando estate planning lawyer.

Today’s Simple Solution Is Tomorrow’s Probate Battle

If two people who both own houses marry each other, the simplest solution is for one spouse to move into the other’s house.  This can go several ways.  If you add your name to the title of your spouse’s house, it belongs to both of you, and unless the will says otherwise, the surviving spouse owns the house after the first spouse dies.  If you don’t add your name to the title, you have no ownership rights to the house, but you have life estate, which means that you have the right to live in the house for the rest of your life; your spouse’s relatives will inherit the house after you die, pursuant to your spouse’s will, but they can’t kick you out while you are alive.  Still, it is unpleasant.  The most vulnerable people in this regard are those who sell their own houses before moving in with their spouses.  The best solution to this problem is to agree about homeownership before you get married and to sign a prenuptial agreement and amend your wills so that all the documents match.

Unmarried Couples Need Just as Much Documentation as Married Couples

If you think that the best way to keep things simple is to not get married, you are not alone, but being unmarried partners with your forever love does not mean that you can completely avoid financial realities.  You still need written agreements about who owns the house and which non-owners, if any, have the right to use it.  It is possible for you and your spouse to own the house jointly even if you are not married, but your wills should also conform to your wishes about who will inherit the house after either of you dies.

Contact Gierach and Gierach About Gray Romance

An estate planning lawyer can help you decide how to avoid conflict over the marital home if you marry late in life.  Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.

getthecoast.com/attorney-whitney-smith-warns-against-poor-mans-estate-planning-strategies/