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Thursday, January 9, 2014 Capital NewsC

BUSINESS

Older newlyweds need to organize a financial marriage M arriage can be the biggest financial decision of a lifetime. Finances are a large component, in addition to romance and courtship. Many people now wait until they are established in their careers before they get married. This means getting married later in life. Many people now wait until their 30s or 40s to commit to a relationship.

FISCAL FITNESS

Doreen Smith For people over the age of 40 with significant financial assets, there may be more of a financial consequence and more assets to be discussed.

Needle Points FUN & CHIC Start off the New Year in flashing style with a matching warm beret and shawl. Easy knitting instructions are given in one size. Knit in Mirasol’s “Paqu Pura”, it requires 60 grams for the Beret and 160 grams for the Shawl/Wrap. “Paqu Pura” is 100% Peruvian Alpaca, has 10 multi-colour and heather fashion shades. The colourway herewith, greys and black, is called “Thunderstorm”. This Alpaca is softer and warmer than pure wools. Wash by hand or use a front loader on hand-wash cycle, low suds, cool water, with garment placed inside a mesh garment bag For a free copy of this pattern, please visit: ‘www.freepatterndownload.com/gamma/’ and click on number M5044 to print off. Any queries can be directed to Diamond Yarn at 1-800-663-8566 toll free.

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Typically, those who remarry are older and have accumulated substantial assets from the first time they married. With the divorce rate as high as 50 per cent in Canada, many people remarry. The older the newlyweds, the more financially complicated it may be. With a second marriage, there may be a blended family to consider. There may also be obligations under a previous divorce decree. There are many things to consider before you say “I do” for the first or second time. These questions may not be part of the discussion over a romantic can-

dle light dinner when dating. The reality is, finances are part of our everyday life, in good times and in bad times. Before you get married, you should review all aspects of your financial affairs with one another. Discuss the net worth of each individual and how that net worth is calculated. Is it in home ownership, second property ownership or is it in liquid assets held in investments? Are there pension assets to be divided in retirement? With a second marriage, is the previous spouse the beneficiary of pension assets?

Check life insurance policies for the named beneficiary. Have your beneficiaries changed? Too many newlyweds fail to update the beneficiaries of their life insurance policies. Do you have enough life insurance that your new family is counting on, or is a previous family financially depending on your income? Discuss all current debts. How much is owed on credit cards and all loans? Review past and current financial obligations. This includes student loans, personal loans, child support or alimony payments. Review your will and

250-860-7144 dsmith@capri.ca

Nominations for heritage awards now being accepted DeHart from A15 Floodlight is a marketing company that Donald Robichaud started and ran until his passing this past spring. Andrew Gregson joined Donald as a partner before he passed way and continues to build the firm by providing a strong financial presence with pricing and profit strat-

egies. Dave Meidl has since been brought on as a partner and they have focused on helping firms in B.C. obtain better results. Gregson has changed the business from what was primarily a marketing company to its present purpose as an investment firm for companies wanting to go to the next level of growth. Floodlight has found investors willing

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to help Okanagan companies with sales over $1 million regardless of their lack of profit or debt. They are successful by dealing with pricing strategies, building pre-determined profitability, debt restructuring and a focus on marketing and sales plans. Call 250-859-0752. Kelowna airport operations specialists/firefighters Peter Mazar and Kevin Vleeming attended the B.C. chapter of the North American Occupational Safety and Health Week Awards. A fundraising event for hospice with Julie and Wolf Krieg takes place Jan. 24 at the Delta Grand. There will be a dinner, dance and live auction for a funfilled evening. Entertainment is a flamenco dancing troupe and the Blues Brothers Too. Tickets are $80/person. Visit www.picatic.com/hospice. Winter scene paintings by Emmy Bouma are on display at Mol-

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You need to determine if you need your financial assets to stay intact should the marriage not work out. Many people see remarriage as a fresh new chance at happiness with a new partner to share their life with. If all marriages worked out, there would be no separation or divorce. However, in today’s world, planning can save you from financial hardship. Doreen Smith is a Certified Financial Planner with Capri Wealth Management Inc. and Manulife Securities Investment Services Inc.

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if you have questions or concerns have your will reviewed by a lawyer. Your next step is to consider drafting a prenuptial agreement. A prenuptial agreement, called a “prenup” is a marriage contract. This agreement is especially important if you are bringing significant assets into the marriage, have a business, expect an inheritance or have children from a previous marriage. The prenup is drafted prior to a couple getting married, and is used to address financial issues and the division of assets and spousal support obligations in the event of a marriage breakdown.

ly’s Garden Café in the Towne Centre Mall until March 7. The Central Okanagan Heritage Society is inviting nominations for their annual Heritage Awards to be presented during Heritage Week Feb. 17 to 23. The society will receive nominations for projects with the geographic boundaries of the Central Okanagan region in the following categories—distinguished community service; conservation project on a heritage building currently in non-residential use; conservation project on a heritage building currently in residential use; continued conservation of a heritage building; construction of a new building compatible with its heritage surroundings and preservation or restoration of a neighbourhood or area. Submissions due by Jan. 23 at 1060 Cameron Ave. Call 250-861-7188 or email cohs@telus.net for more infomation.

In one year and out the other. I’m on vacation and won’t have another column in the Capital News until Jan. 30. See you then! Birthdays of the week: Lynda Gibbs, Phoenix, Ariz. (Jan. 9); John Estephan (Jan. 10); Nick Kardynal, my second dad (Jan. 11); Jack Hatanaka (Jan. 11); Todd Sanderson (Jan. 11); Mort Downey, TAC Solutions (Jan. 12); Mary Anne Livingston (Jan. 13); Andre Blanleil, Andre’s (Jan. 15); Gerry Ellchuck (Jan. 16); Dina Kotler (Jan. 17); Joyce Prowse (Jan. 17); Fred MacKinnon (Jan. 18); Early birthday wish (as I am away) to my sister Tracy Nyboe of Re/Max (Jan. 19). In memory of Mary DeHart, my mother-in-law (Jan. 9). Maxine DeHart is a Kelowna city councillor and hotelier. Phone her at 250-979-4546, fax 250860-3173, email maxdehart@telus.net.

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