a couple over 50 planning their marriage with a prenup

Marriage & Divorce Over 50 – Part 2 – Gray Marriage

Marriage for the first time or remarriage at an older than average age comes with different considerations than those who are young and marrying. You are likely in a different place financially. There may be children, either still in the home or adult ones. And, of course, you may both have a house full of possessions. These things all require great discussion between you. They are also reasons you should consider a prenuptial agreement. And as much as prenups have a bad rap, they should not.

Prenups Help Provide for and Protect Your Children

There are a few ways you can use a prenuptial agreement to protect your children. Perhaps some of your net worth came from the death of your child’s other parent. You may want to ensure that those funds are only used to support your children and not any children from your future spouse. Or, you may need to name business assets or other things held jointly with one of them as separate from the marriage so even proceeds earned during the marriage would be excluded from a divorce settlement. Of course, you should also have a will or trust established with any money, jewelry, furnishings, or other valuables you wish to be inherited by your children in place.

Financial Conversations Can Be Difficult, But Are Necessary

No one likes to talk about money. However, if you are considering marriage or remarriage at a later stage in your life, you need to. And, no matter what you find out about your future spouse’s financials, both of you should want to protect what you have worked so hard to achieve. With a well-structured prenuptial agreement, you can ensure that in the event the marriage ends, you are protected.

They Also Can Ensure One Party Provides for the Other

You can structure prenuptial agreements to provide for your soon to be spouse in the event of you pre-deceasing them. Prenups with provisions such as these are more common than you may realize. If the bulk of your assets are in a trust where the beneficiaries are your children, but you wish to provide for your new spouse after your passing, talk to your family law attorney about how to structure your prenup.

Talk to Wagstaff & Pitelis About Your Remarriage

If you have been married and divorced, you already know how expensive a divorce can be. Prenups can help reduce the cost of a divorce if it comes to that point. This is mostly because many factors normally debated in a divorce are already agreed upon. The Wagstaff & Pitelis team can help you and your future spouse create a prenuptial agreement that both parties feel benefits them. Call us today at (727) 584-8182 or fill out our contact form.