Our team at Christman Daniell Attorneys has written several blog articles over the past few years about the pros and cons of having a pre-marital agreement. Admittedly, those articles have zeroed in on an audience primarily consisting of younger couples who plan to marry for the first time and might consider a prenup. But what about elderly individuals?
Perhaps you’re in your late 60s. Your first marriage ended in divorce 25 years ago, and now you wish to remarry.
Maybe you’re 75 and finally found love after your first spouse passed away. And like the younger generation, choosing to execute a pre-marital agreement seems like a very difficult conversation to have, given that you’re surrounded by nothing but future marital bliss.
There’s no denying there are many positives to having a pre-marital agreement, and perhaps the biggest benefit is that by creating one and signing it, potential disputes can be resolved and potentially avoided entirely — especially if the relationship were to ever end in divorce. This is especially true for elderly individuals choosing to marry or remarry, as there are a host of additional things to consider given the uniqueness of their newfound long-term relationship.
Benefits of a Pre-Marital Agreement for Elderly Individuals Choosing to Remarry
A pre-marital agreement serves as a contract between you and your soon-to-be spouse that sets rules on things like property, assets, and certain marital obligations. They can be a great option for couples of any age and present many benefits, including protecting each spouse from the other’s debt, making future legal processes (ex: divorce) smoother, and even proving a framework for any future legal processes. But the benefits for elderly individuals are perhaps more pronounced.
After all, these are people who are likely more financially established. This can include bank accounts with large balances, investments, real estate, expensive assets, etc. They likely have grown children from their previous marriage and have worked extremely hard to either prepare for retirement in the not-so-distant future or enjoy their existing retirement.
While they expect their new marriage to last forever, the reality is that if it doesn’t, a divorce could create a significant financial impact.
Elderly individuals who choose to have a pre-marital agreement when they remarry will have an easier time with the following:
- Characterizing, assigning, and dividing assets among the family upon divorce or death
- An organized inventory of assets and full disclosure of debts
- Balancing financial loyalty between their new spouse and their existing children
- Ensuring that separate assets are kept separate upon divorce or death
- Limiting in-fighting between family members upon divorce or death
- Facilitating important conversations about spending habits before marriage
- Specifying what happens in the case of death or incapacity
Clearly, the potential benefits of elderly individuals entering into a pre-marital agreement when they remarry can far outweigh any possible downsides. That said, it is important to talk to your soon-to-be spouse, carefully consider all factors, and address any concerns before marrying. If a pre-marital agreement makes sense, sit down with a qualified attorney as soon as possible.
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Looking for family law services Texas? Christman Daniell Attorneys is your premier choice. With years of experience and a deep understanding of the legal landscape in cities throughout the Dallas-Fort Worth area. Our skilled team is dedicated to helping families navigate complex legal matters. Whether it’s divorce, child custody, or adoption, trust Christman Daniell Attorneys to provide compassionate and effective representation for all your family law needs throughout Collin County.
Please consult an attorney for advice about your individual situation. The material on this website and in this or any blog article we publish are for informational purposes only and do not constitute legal advice. The attorneys at Christman Daniell Attorneys believe in tailoring legal advice and solutions to your own personal circumstances.
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