This interesting article – written by Cuffelinks website discusses what can happen when seniors re-partner and the consequences it may have on their financial situation.and published on the
I was chatting to a 74-year-old lady, Ms E, recently about her new romance. A long-term divorcee, she is enjoying a new relationship that looks promising, and they are starting to talk about moving in together. She is 74, he 80 – a long-term widower. They have both been independent for a long time, and have their own families with grown children and young grandchildren.
Whilst a new relationship is exciting to someone who has been alone for a long time, Ms E is worried. She owns her house which has a small mortgage on it, and claims a part age pension. She has little else, and supplements her income by taking in boarders. He owns his house outright, and has around $100,000 cash.
“What will happen to my pension?”, she asks. “If he moves into my house, what happens if I die? Will he get my house? Do I need to update my will?”