Prenuptial Agreements and Senior Marriages

It is common for a spouse to remarry after the death or divorce of a previous spouse. A prenuptial agreement can be an important tool in any marriage, but can be especially useful for people who are marrying for the second or third time and are towards the later years of their life.

What are Prenuptial Agreements?

In Florida, prenuptial agreements are governed by the Uniform Premarital Agreement Act. Prenuptial agreements are contracts between parties that are planning to get married that lay out any agreements that they want the court to enforce if the marriage ends in divorce or if one party dies. Many different kinds of agreements can be part of a prenuptial agreement, but typically the document deals with the allocation of property and debt. Prenuptial agreements can include agreements that certain property will remain separate property during the marriage even if it is commingled; agreements that determine, in the event of divorce, which spouse will get the house; or any other property arrangement that the court will uphold. Due to the ages of the parties, a prenuptial agreement between seniors may look different from one for a first marriage of young people, and there are specific reasons why seniors especially should consider a prenuptial agreement.

More Assets to Protect

People who are older have had more time to acquire assets and therefore may have more to protect. Prenuptial agreements are a way to make sure that in the event of a divorce, you will be able to walk away with the assets that you came into the marriage with. You can also make arrangements for any assets that are acquired during the marriage that may otherwise be subject to division.

Retirement Benefits

If you have a 401k or other similar retirement plan, at your death, your spouse will automatically receive these benefits unless they sign a waiver after the marriage. If you want these benefits to go to someone else, you can make the promise to sign the waiver part of the agreement.

Protect Beneficiaries

A prenuptial agreement can help to make sure that all of your assets go where you want them to in the event of your death. If you have kids from a previous marriage you can make sure that their inheritance is safe from any claims from the new spouse.

Easier and Less Expensive Divorce

An easier and faster divorce is a big reason for prenuptial agreements that everyone can benefit from. If your marriage does not work out and you need to get divorced, having a prenuptial agreement in place can make the process much faster and may also help save legal fees and other costs from what would otherwise be a long and drawn out divorce.

Reach out to Us Today

If you are planning to get married and are considering a prenuptial agreement, you should talk to a knowledgeable blended family estate planning attorney to draft a prenuptial agreement that fits in with your estate plan and other planning tools. Our experienced blended family estate planning attorneys at the Millhorn Elder Law Planning Group in The Villages can help you decide what provisions to include.

Resource:

aarp.org/money/estate-planning/info-02-2012/prenuptial-agreement.html