Senior Prenups – Love in the Golden Years
What a joy it is to discover love again in our golden years. Having the companionship of a partner can help to keep a person feeling younger and vital. Often they meet with disappointment from their adult children, which causes tension in what should be happy times.
This is just one of the reasons that seniors agree on prenups before they marry. Let’s take a look at a few other reasons why a senior prenup might be a good idea.
By the time a person reaches retirement age, their financial picture will look significantly different from their twenties or thirties. There might not have been much to worry about in their younger days. As a person’s portfolio grows, so may the concerns about passing that wealth on to children and grandchildren.
You may own a home, your retirement account, and even a business in addition to other assets. These decisions are much easier to discuss before a marriage occurs, as long as you move gently and consider each other’s feelings.
Balancing Your Legacy
Every circumstance is different, but the balance between providing for your spouse, if necessary, and leaving an inheritance for your heirs is important to most seniors entering a marriage. Balancing these priorities to provide for both should bring peace and harmony into the new blended family.
Negotiating the Day-to-Day Expenses
With the possibility of each partner bringing assets to the marriage, one of the issues that the couple might want to include in a senior prenup is how the couple will support the household and living expenses.
They may decide to support the household expenses equally or according to the assets that each has. If one partner has significantly fewer assets, it may not make sense for them to participate in the household expenses to any significant extent.
What About Divorce?
Nobody enters a marriage thinking about divorce, but divorce can become a reality in any marriage. A prenup can clarify a variety of decisions that a couple must make when deciding to dissolve their marriage. This is especially helpful, as some couples have already been through a horrible experience with a previous divorce.
Although a prenup may address the division of assets, it can also recommend that couples use an alternative dispute resolution (ADR) to settle disputes. These methods include mediation, collaborative law, or arbitration. Using these methods can prevent the couple from ending up in court. They won’t have to pay expensive divorce lawyers and fight it out in court.
Do You Need Help With a Senior Prenup?
At Mummert Law, we help couples with their prenups. We also serve as mediators, both court-appointed and private. This is beneficial since we have seen the outcomes that give us additional insight into factors that need to be considered in a prenup.
If you need help drawing up a prenup with your spouse, please contact us at Mummert Law. Although love is lovelier the second time around, both spouses should still enter the union clear-eyed and understanding their position. We will be happy to consult with one or both of you and help negotiate the best terms for your new marriage.