Family law is designed to assist individuals at any age and through any life transition. Moreover, the law can be as proactive as parties are comfortable. For example, we have seen an increasing number of couples rely on the clarity of a prenuptial agreement when planning their marriage. This type of contract does not indicate a lack of confidence in a marriage, but rather, a proactive approach to the couple’s marital finances and estate planning.
Couples can benefit from a prenuptial agreement at any age, but particularly for those embarking upon a second marriage. These couples will likely have separate assets, and possibly children from the first marriage.
Concurrently Addressing Estate Planning Issues
Individuals may prefer to clarify their estate planning goals to these beneficiaries, thereby avoiding the risk that property might become commingled after the marriage. This is particularly helpful with commonly overlooked assets, such as retirement accounts. A prenuptial agreement may provide the catalyst to ensure all beneficiary designations on these non-probate assets are up-to-date.
A prenuptial agreement may also help a couple proactively plan how they will share debts during the marriage. For example, each spouse may maintain separate bank accounts, from which they contribute to a shared account used for joint household expenses. This combined approach may also be used to purchase additional property during the marriage. Best of all, a prenuptial agreement starts the discussion on how a couple will approach debts, possibly safeguarding the longevity of their relationship.
Source: Forbes, “6 Money Myths About Marrying After 50,” Lisa Rabasce Roepe, Feb. 13, 2017