Long Island Accountants Diapoules & Feinstein, CPAs P.C, Discuss Marriage Money Issues

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Marrying late in life can lead to several financial issues. As people turn to accountants to help them handle these issues, Long Island accountant Jim Diapoules responds and gives some advice.

On March 19, Diapoules & Feinstein, CPAs P.C., issue a response to an article from Market Watch on some of the financial issues that couples can face if they get married later in life.

Marriage already comes with a lot of financial baggage, but marrying later in life can be even more complicated, says the article. Many older couples have separate houses, car payments and other expenses that can lead to issues as they look to combine their finances. According to the article from Market Watch, “the number of 50- and 60-somethings who are actively looking for new partners is larger than many people realize.” This is especially true considering the rising divorce rate, and the fact that “more than 40 percent of women and more than half of men over 50 who get divorced end up remarrying,” reports the article.

Market Watch lists several possible issues that such couples may face, including:

  •     Suspension of their social security and pension benefits
  •     Difficulty securing college financial aid for children
  •     Paying health care bills for former spouses
  •     Complications in estate planning
  •     Ending alimony payments
  •     Reckoning with change in beneficiaries on insurance plans.

So what is the best way to deal with these issues? Consult an accountant, says Market Watch.

Jim Diapoules. one of the Long Island accountants of Diapoules & Feinstein, CPAs P.C., had a few things to say in response to this article. “As much as we do not like to throw cold water on people’s love life there is plenty to consider when they remarry. The situation becomes especially delicate if there are children involved. We advise people that they should review their beneficiaries on their IRAs and life insurance policies as well as update their wills. It is amazing how many former spouses collect on their ex’s IRAs and insurance policies."

Diapoules & Feinstein have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.


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