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Prenuptial agreement useful tool in divorce for older couples

As more couples are finding love during their golden years, the need to plan for future possibilities becomes more important. There is a good chance that California couples over the age of 50 will decide to get married. Many of these individuals bring both children and assets into this new marriage. In order to protect children and even grandchildren, it is important that the couple discuss a prenuptial agreement in case of a divorce and as a possible attachment to a will.

Many assume that the prenuptial agreement is solely used in the event of a divorce. As such, it is a useful tool in opening up discussions and deciding how assets will be distributed in the event that things do not work out. The prenuptial agreement allows the couple to specify how property should be distributed and which party is entitled to retain which items.

The prenuptial agreement is also a useful tool for estate planning purposes. Typically, one spouse outlives the other. When this happens, this spouse is entitled to a certain percentage of estate. However, each spouse may prefer that his or her children receive the inheritance. The prenuptial agreement can address these issues in a manner that suits the couple. 

While the prenuptial agreement is often thought of as a prelude to divorce, many California couples are discovering that it is a useful planning tool. As a part of the wedding planning process, the couple is encouraged to discuss their current financial picture and desires for how their assets should be handled down the road. Experienced attorneys will be able to assist each individual in making sure that all necessary issues are considered throughout this process.

Source: Forbes, "6 Money Myths About Marrying After 50", Lisa Rabasca Roepe, Feb. 13, 2017

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