Did you lose a spouse later in life? Did your divorce occur in your 50s, 60s, or even later?
Yes, You are older now, and have assets, retirement accounts, a home, a business? Do you have grown (or almost grown) children? You and your partner may worry about the financial consequences of marriage. We recommend you draft a “gray” prenup before you remarry.
We have found that a major worry that senior couples have when deciding to marry is how to balance their financial allegiance between their new spouse and their children. They desire to leave an inheritance to the children of their first marriage when they die. Also, they wonder about protecting the financial security of their new spouse. When trying to balance these equally important people in their lives, they seek to create harmony and trust in the newly blended family and to validate care for both their children and new spouse.
We believe a prenup is the best way to address these decisions with your new spouse. You can mutually set the requirements of the new estate plan in a binding contract – the prenuptial agreement. As a couple, you decide how to be financially supported during the marriage for example, a plan for withdrawing retirement assets. Making decisions on sharing household expenses equally, or in proportion to income or assets.
A prenup can reduce or eliminate the risk of litigation if the new marriage ends in divorce. A prenup that shows loving care at the beginning of a marriage by making adequate plans in case the marriage ends in divorce, may have the effect of making the new marriage even stronger.
We know senior couples want the best for the people they love – that includes providing security and a fair financial result even if the marriage ends in divorce. Marriage relies on a great deal of mutual consideration and trust. Planning for a thoughtful and equitable prenup is giving your entire family the security you desire.