Remarrying later in life: what do I need to think about?

The Office for National Statistics reveals that couples are marrying later than ever before. For example, in the 70s the average man’s age on his wedding day was 22.8 years old; by 2020 this has risen to 35.3 years old. It is not only just men but also the brides age rose from 25.1 to 33.2 years old.

In addition, 1 out of 3 marriages involve someone who was previously married and these remarriages are becoming more common for couples in their late 50s and 60s. Many of these couples already own property outright, have grown-up children and accumulated savings or investments. 

The stats show that people are therefore more likely to marry later in life, but what do you need to think about when deciding whether to do this?

This article will touch on the legal concerns and including protection of assets, taxation and inheritance in England and Wales. It unfortunately will not discuss what band you should have at your wedding, which might be a harder conversation to have than some questions arising below…. either way smart planning is not a precursor of divorce, it is a sensible way to protect both of yours wishes and hopefully maintain amicability. 

This blog will touch on the legal concerns and including protection of assets, taxation and inheritance in England and Wales. It unfortunately will not discuss what band you should have at your wedding, which might be a harder conversation to have than some questions arising below…. either way smart planning is not a precursor of divorce, it is a sensible way to protect both of yours wishes and hopefully maintain amicability. 

What happens if I have a Will and then I get married?

Marriage will automatically revoke your Will unless you have written specifically that you intend to get married and you have named the individual you are getting married to, which is rare in practice. 

This is actually one of the most common issues lawyers see with silver marriages. Individuals are often under the impression that, having removed their first spouse, their previous estate planning is sufficient That is not the case. 

You need to execute a new Will either “in anticipation of getting married” or after you get married. 

Will my new spouse inherit my money on my death?

That depends whether or not you have a Will.

If you do not have a Will, then your assets will typically pass under what is known as the ‘intestacy rules’. Under these rules your new spouse will inherit a share of your estate. That might be what you intend but it could potentially be at the expense of your children.

If you have a Will and then you get married, your Will is automatically revoked. Your estate will be treated under the Intestacy Rules as above. 

If you prepare a Will either “in anticipation of getting married” or after you get married then you can leave your estate to whomever you wish.

If your new spouse is financially dependent on you and you do not leave them anything in your Will, they may have a claim under the Inheritance Dependants Act to receive a share of your estate. 

My Will leaves everything to my children, what happens if I remarry?

Unless your Will specially says it is prepared “in anticipation of getting married” then it will most likely be revoked and the Intestacy Rules may apply. That might result in your spouse getting a share of your estate rather than your children.

More and more with silver marriages there is a growing concern about children from the previous relationships.

Without having a new Will in place there is a real risk that the assets will pass to the new spouse and not the children. You may not wish for this to happen and a lot of times it can cause tensions between the new spouse and the children, which is definitely not what is wanted. 

There are simple ways around this such as drafting a new Will, paired with an expression of wish letter (a letter that simply records your wishes and your rationale for your decisions made in your will), can be sufficient to achieve this.

I want my spouse to be able to stay in the house but I want my children to inherit it?

A life interest trust may be more applicable in these situations – this is where a spouse could receive the benefit for the remainder of their life and the capital of this then falls to the children upon her death. However, any inheritance tax liability will be payable upon your death. You would need to make sure that there is enough cash to cover the bill or you have a life policy in place which will pay the bill on your death. This is one method of preparing for everyone and it helps to avoid rising tensions between new spouse and children. 

Will there be any tax benefits to remarrying later in life?

Marriage offers clear tax benefits. Transfers between spouses will remain inheritance tax free, and any unused nil-rate bands (tax free amounts currently £325,000) can be transferred to the survivor. But it also opens the door to claims under the Matrimonial Causes Act; in divorce, the courts start from a 50:50 division of all assets, including pensions and inherited wealth.

There is also “Marriage Allowance” which permits one spouse to transfer up to £1,260 of any of their unused personal tax allowance to the other spouse. Although this is only applicable where one spouse has income that falls below the personal tax-free personal allowance set by the government and the other spouse is considered a ‘basic rate’ taxpayer. 

However, always balance taxable benefits and the wider implications of marriage, particularly whether you do actually want to get married, but also inheritance planning and possible claims on divorce. 

What will happen to my pre-marriage assets if we divorce?

Marriage does unfortunate open the possibility to divorce which can muddy the waters so to speak in comparison to a break up between an unmarried couple. In particular spouses will be to make claims under the Matrimonial Causes Act.

The courts underlying principle here is to look at the assets as 50/50 including pensions and even inheritance, although generally future inheritance the court tend to not be so concerned about. 

What this means for you is assets you may have built up before the marriage, such as rental properties, art collections, holiday homes etc can now form part of a large pot to be divided equally between the couple. 

Should I get a prenuptial agreement?

The increased possibility of claims on an estate following later marriage from previous spouses or children make nuptial agreements an increasingly important part of late-life financial planning. Once dismissed as unromantic, prenups (before the marriage) and postnups (after the marriage) now provide the structure couples need to balance tax efficiency with asset protection.

Since the Supreme Court’s decision in Radmacher v Granatino (2010), English courts have shown willingness to uphold such agreements if they are entered into freely and fairly. The trend continued in MN v AN [2023] EWHC 613 (Fam), where a wife’s attempt to challenge a prenup was rejected.

Do I need make changes to my pension if I remarry?

With silver marriages many people may actually already be receiving their pension or not be far off retirement age. Therefore, something that was not so important in your 20s is now arguably one of your most valuable assets. 

Your pension may have been ignored for so long that you have not updated who is to benefit, you may want to check as it could be your ex! Consequentially if you remarry and fail to update your pension details, you run the risk of benefits being paid to the ex- spouse and not aligned with what you would actually want to happen. 

New changes to inheritance tax on pensions also mean it is more significant than ever to review your arrangements when entering a silver marriage.

What about Lasting Power of Attorneys?

Lasting Powers of Attorneys (LPAs for short) are something which may have been completed years ago and forgotten about later in life, for this reason they can be overlooked when remarrying. 

An LPA allows you to appoint someone you trust, usually an immediate family member such as a wife or husband to make decisions on your behalf if you are unfortunately unable to do so, typically if someone has sadly lost capacity. Individuals can have either one that covers health and welfare or property and finances, or both.

When you are considering remarrying it is important to consider who you are going to appoint. Even more important is to ensure that your ex-partner is no longer your appointed attorney, unless this obviously what you desire. You may need to make a decision about whether you are ready for this to be your new partner or whether you wished for it to be your children from your previous relationship. You can even appoint both. Although with the latter it may cause tensions between the children and the new partner leading to practical issues making decisions including delays. 

Particularly sensitive issues may arise such as maintenance payments to the new wife / husband or making gifts to children or dealing with assets which have been included in someone’s Will. Your attorneys will need to act in your best interests and hopefully put aside any of their own personal interests, although this is easier said than done.

The main thing to think about therefore is whether your elected attorneys will actually be able to work together. Re-examining and updating your LPAs when you remarry will provide you with peace of mind that the right people will work together to make the most important decisions in your life. 

What other administrative changes do I need to make if I remarry?

Remarrying is not just focused on updating Wills and trusts for estate planning, it is important to review all of your financial arrangements that are currently in place.

Just as it is important to review who is to benefit from your pension and your LPAs you also need to consider whether you need to amend any of the following:

• Life insurance policies
• Emergency contacts
• Life assurance

This is not an exhaustive list but should help get you thinking about arrangements you may have made years ago and have forgotten about. It is best to change them before it is too late!

What to do next?

Remarrying later in life is obviously a joyous occasion and can be accompanied with many benefits. It does however also raise important legal and financial questions, in particular around tax, asset protection and inheritance. 

It is best to consider whether you need to seek independent legal or financial advice before making any big decisions such as marriage or remarriage.  

How our Private Client and Family teams can assist you.

If you are looking for advice on any of the issues featured in this article, please contact Caroline Rushton to discuss prenups, postnups and children or Nima Stepney who can assist with Wills, protection of assets and inheritance and taxation matters on 020 8290 0440.