Who pays the bill when you're dating after 50?
Who pays the bill when you're dating after 50?"
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Money aside, this is also a chance to see if your interests vibe. If your potential partner is obsessed with golf and you can’t stand it, or hates traveling and that’s your main priority for
your retirement years, then you might not be the right fit. "Being adaptable is a key relationship skill, but when you're over 50, some people become ossified or 'set in
their ways,' ” adds Davis. “By your 50s, people might have their minds made up about what they like and don't like.” TALK ABOUT WHAT YOUR FINANCIAL FUTURE LOOKS LIKE — RETIREMENT
INCLUDED In your younger years, you wouldn’t get serious with someone without having the “Do you want kids?" talk. The same thing goes for money. At some point, if things are headed in
a forward direction where there’s talk of living together or marriage, make sure you’re on the same financial page. “Most of my clients at this point in life are less interested in combining
finances if they are both working,” says Song. Others, however, may still want to go the traditional route. Regardless, if things get serious, it’s a good idea to know where you both stand.
“Moving in together is a big deal and can be made easier with an open discussion about finances and mutual assurance that each partner has their money in order,” adds Song. And the biggest
difference between money talks at 50-plus versus those in younger years comes down to one dominant issue: retirement, says Davis. “You don’t want to be on track for 60 and travel the world,
and then learn your partner never wants to stop working,” says Song. “This is a potential big obstacle.” BE CLEAR ABOUT FINANCIAL ASSETS — AND DEBTS Everyone arrives in a relationship with a
financial portfolio — whether it's good, bad or somewhere in between. It’s important to be clear about what that looks like as the relationship progresses. “They're probably
coming together with certain assets or debts, maybe some pensions, maybe they have a divorce where they have liabilities, like taking care of kids,” she explains. All these topics have the
potential to cause stress in a relationship if they're not discussed upfront, says Davis. So have those conversations and come up with a plan on how to handle them. Lechter shares the
following as an example: If you're dating and getting spousal support and you decide to get married, that spousal support will more than likely end. Sometimes, it even ends if
you're cohabitating with someone. “It's really important to understand the baggage you're bringing to the relationship, both the assets, the debt and any restrictions on what
the debts and liabilities and ongoing responsibilities and marriages, depending on what you look at,” she explains. Money, she adds, is a big reason people divorce, so it’s really important
to be open about it.
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