For Richer, for Poorer

Getting married in later life can have you wondering, "Is this a marriage or a merger?" The truth is, it's probably a little of both.

Love really can be lovelier the second (or third) time around. You're more grounded, you have your most painful life lessons behind you, and when it comes to finding a life partner with whom to enjoy peak experiences and share everyday activities, you know what you're looking for. When you find the perfect mate, you may be tempted to jump into marriage without considering the many financial issues that confront the two of you at this stage of life.

The first matter to take into consideration is that you are both far more experienced about money than you were when you were younger. When 20-something newlyweds start out, they typically have few or no assets, perhaps some debt, and only vague ideas about how to manage their finances as adults. They usually go down the financial path together, planning their lives, establishing joint goals, and settling into a routine that may call for the more money-savvy spouse to pay the bills, balance the checkbook, and make major financial decisions. They establish their own money dynamics that evolve over time and work for them -- as long as they stay together.