Getting Remarried After 50? Consider a Prenuptial Agreement 

 Posted on March 28, 2023 in Divorce

Individuals over 50 are getting divorced at a faster rate than any other demographic. Although divorce closes the door to one relationship, it often creates an opportunity for a new relationship. If you are getting remarried later in life, you may want to consider a prenuptial agreement. A prenuptial agreement can be beneficial for anyone of any age and life circumstance. However, prenuptial agreements are especially important for individuals in their second or third marriages.

Benefits of a Prenuptial Agreement

A prenuptial agreement can provide clarity and protection from the financial uncertainty that often accompanies a marriage. It is essential to consider this legal document if you are getting remarried after 50, as it will help protect your assets and set a foundation of understanding between you and your soon-to-be spouse. By having a prenuptial agreement in place before the wedding ceremony, both parties will understand their rights and obligations in the event of a divorce.

A prenup can protect any assets you may have accumulated prior to marriage, including investments, real estate, IRAs and 401(k)s. In addition, prenuptial agreements can define what is considered marital property and what is non-marital property. There are many reasons that couples may want to designate certain assets as non-marital property. For example, if one spouse owns a business, he or she may want to use a prenuptial agreement to ensure that the business assets, as well as business debts, remain his or her sole responsibility. Prenuptial agreements can also be used to ensure certain assets are passed down to children from a previous marriage upon a spouse's death.

You can also set the terms of spousal maintenance in your prenuptial agreement. This can provide a lower-earning spouse with peace of mind knowing that if the marriage ends, the higher-earning spouse will provide financial support.

Financial Honesty, Transparency, and Compromise

In order to make a prenuptial agreement successful, it is important that both parties are open and honest with each other about their financial status. It is also important to be able to compromise when needed. This document should not be seen as an attempt to take advantage of one another; rather, it should be a way to create trust and security in the marriage.

Contact our DuPage County Divorce Over 50 Lawyer

Our Wheaton divorce lawyers know the specific hurdles that older individuals go through when getting divorced or remarried. We provide dependable legal representation to individuals aged 50 or older and help them make sound decisions regarding their future. If you are considering a prenuptial agreement prior to getting remarried, our attorneys can help guide you through the process and protect your rights. Contact us at 630-634-5050 for a free consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59