In almost all circumstances, yes! People in their golden years have worked hard to financially establish themselves and prepare for retirement. Remarriage after a divorce or after the passing of a spouse may have serious legal impact on elderly divorced individuals and their family. The legal implications arises when the marriage does not work out and the parties divorce, or when either the elderly divorced individuals or their new spouse pass away. Without a premarital agreement concretely defining the rights and obligations of the elderly person and their new spouse, there could be a significant financial impact and an even more significant emotional impact later on.
Why Elderly Divorced Individuals Should Get A Prenup If They Re-Marry
What are the impacts? For starters, if the Golden-aged person and their new spouse divorce, there may be a significant fight about the characterization of property. Usually, a person in the later stages of their life has property, including real estate, bank accounts and investments, retirement accounts and so forth. A premarital agreement will help define the characterization of property and help ensure that separate assets are kept separate.
When an elderly person passes away or when their new spouse passes away and there is no premarital agreement in place, the trustee of a living trust or a probate judge in the probate matter may have difficulty characterizing, assigning and dividing assets among the married couple and children. Often, a significant amount of infighting between children will occur that could be avoided with a premarital agreement.
There are few downsides to obtaining a prenup when an elderly person is looking to remarry. One downside is there is obviously a cost to having lawyers involved to draft and review a premarital agreement, which could cost thousands of dollars. However, this is a nominal expense in relation to the cost for divorce trust lawyers, litigation attorneys, estate planning attorneys, and probate litigators later on in the event of a divorce or when one of the spouses passes away. The other downside is the uneasiness that accompanies the conversation about obtaining a premarital agreement. Usually, this uneasiness can be dispelled by focusing on the help and assistance a premarital agreement will provide the parties respective children.
In short, the benefits of a premarital agreement far outweigh the downsides and a person in their Golden years looking to remarry should contact an attorney near them to discuss outlining the parameters of a prenup agreement before the marriage ceremony takes place.
Excellent advice. I do know a couple that were both widows and luckily they had a prenuptial agreement because when he developed dementia she wanted nothing to do with him. The prenup allowed his adult children to care for him properly.