Couples who get married in their 20s or 30s and have minimal assets and a simple way of living might not feel that they need to sign a prenuptial agreement. However, a prenuptial agreement should definitely be considered if you are in your 50s or 60s and are planning to marry or remarry.
Your financial status has most likely changed significantly since you were younger. Perhaps there wasn’t anything to be concerned about back then. But when your portfolio expands, you may worry about assets like a home, retirement savings and any businesses you may own or invest in. You both probably have assets to bring to the marriage, so you’ll need to think about how you’re going to manage them and what will happen if you end up divorcing.
Discuss everything before you marry
Having an honest discussion about your financial status with your spouse-to-be is the first step to making informed financial decisions when you marry later in life. This means discussing everything from investments to debts that you owe. Doing so now will ensure a smoother transition as you merge your families into one. It’s also important to update your legal documents, such as wills, powers of attorney and beneficiaries, to reflect your current situation if you already have an estate plan.
Although no one anticipates getting divorced after getting married, it’s a possibility in every marriage. A prenuptial agreement can provide clarity on the issues that a couple must decide on in the event of a marital dissolution. Going through a divorce can be a daunting experience. However, a prenuptial agreement can provide a constructive approach by establishing clear terms beforehand. Therefore, before you walk down the aisle, consider seeking assistance to create a prenup that works for both of you.
