Things to consider when getting married or living together at a later stage in life

While it is common for people to find love after divorce, separation or being widowed, there can be a lot of things to consider when it comes to protecting what you are bringing into a relationship when partnering with someone later in life, Anne-Marie Mediwake said on CTV Your Morning on Tuesday.

Laura Paris, an associate lawyer with Shulman and Partners LLP, is a family law expert in Ontario and she spoke to Mediwake about 'grey marriages' and things to plan for when getting married or moving in with a partner later in life in a video interview.

A 'grey marriage' is a term that is used to describe those in the baby boomer generation in and around retirement age who are getting remarried or finding love for the first time later in life, Paris said.

"The issues that they're concerned about look a lot different than what we're seeing in people getting into relationships earlier in life," Paris said.

"These late life loves, they're finding more so that it's not that they're looking to build but actually looking to stretch and make sure that what they have and what they have been able to build for themselves is actually going to last to be able to take care of themselves, but not only themselves, but also their children."

LIKE AN INSURANCE POLICY

Paris said a marriage contract or cohabitation agreement should be thought of in a positive way, like an insurance policy to give you peace of mind that you are protected if the relationship changes.

The type of contract depends on whether the couple is intending to get married or live in a relationship of permanence for an extended period of time.

A prenup is known as a marriage contract in Canada and Paris said it is good for couples who intend to get married. Those in common law relationships who live together typically use a cohabitation agreement.

"What you are doing is just assessing what the future risk may be and finding a plan to be able to deal with it so that in the event that occurs, you have a good and smart plan," she said.

"It's not going to affect you in the same manner then it would had you not had the plan in place."

She also notes that people do not get insurance thinking something bad is going to happen, but have it in place just in case it is needed.

LIVING ARRANGEMENTS

Some people who enter into relationships later in life choose to live together, while others do not.

When talking about living arrangements, couples should talk about sharing the expenses, who will pay for what and how much.

OTHER TOPICS TO DISCUSS

Couples should also talk about making medical decisions, long-term care, inheritance and who gets the money.

Another good idea is to have conversations with your adult children about the plans and decisions.