Is marriage a dumb move?

Falling in love afters years of building wealth can make life complicated. Marrying can sometimes make it worse.

Michele Mann had launched a successful interior design business. And she had nearly paid off her condo.
Then Mann, met Charles Wally. And love changed the game plan.
Not getting married never crossed their minds. But had they simply opted to live together, they would not have had to deal with sorting out the ownership of two homes, deciding on a succession plan for Mann's business or protecting the inheritance for Wally's kids.
No wonder that over the past decade the number of unmarried partners over the age of 65 has increased by 70 percent.

be sure to ask yourself these questions first.

Will marrying lower your income?
if you are collecting alimony from your ex, you will give that up when you remarry. Remarry before age 60 and you will lose any Social Security income you are entitled to from a previous marriage.

Will marrying raise your taxes?
You can inherit all your spouse's assets tax-free, but an unmarried partner must pay federal estate taxes on any amount over $2 million through 2009.

Will marriage increase your liabilities?
As a married couple, you will pay lower auto insurance premiums. You may also do better by joining your new spouse's health insurance plan. But being married can obligate you to shoulder some big expenses, such as your spouse's loan payments or credit-card debts.

Will it disinherit your kids?
Adult children can pose a problem, because marriage would give your spouse first dibs on your estate. You will need to draft a new will to keep your kids' inheritance intact.

This only becomes a problem when you are already a bit older. Because, when you are still younger, you do not have so much wealth. I think this article gives you something to think about, because not everybody knows all of this.

Kathleen

Source: http://money.cnn.com/2007/10/24/pf/marriage.moneymag/index.htm?postversion=2007102506