If you are older, you have more to lose.
You are older than 50.
Maybe you have been married before.
Maybe this marriage is your first.
Whatever your situation, you are have devoted decades to working and building your own assets.
According to a recent Forbes article titled “All About Prenups For Second Marriages,” this fact means a prenuptial agreement is a wise decision.
When Gretchen and I married at age 22, I was headed into law school and she for her graduate degree in accounting.
We had no assets, together or individually.
Things were pretty simple
On the other hand, you likely have retirement funds, a home, pensions, or even children from a prior marriage.
This is a lot to consider.
What should you and your new spouse discuss and include in a prenuptial agreement?
First, you need to distinguish between separate property and marital property.
Separate property usually includes what was brought into the marriage as well as any future inherited property.
Marital property is what the spouses build together.
This can become more complicated if you are both retired.
What if one of you does not have the assets to support yourself individually in retirement should something happen?
A prenuptial agreement can help you discuss these issues and come up with a mutually beneficial solution.
A prenuptial agreement can help you set expectations and create a plan to leave an inheritance to both your children and your current spouse.
A prenuptial agreement can also be critical in the case of divorce.
It can protect both of you from draining income in divorce battles, as well as provide security for your separate assets.
A prenup protects for more situations than divorce.
Work with an experienced attorney when creating a prenuptial agreement to set you and your family up for success.
Reference: Forbes (February 13, 2019) “All About Prenups For Second Marriages”