Issues Older Adult Couples Should Address In A Prenuptial Agreement
If you are lucky enough to have found love later in life or are an older adult couple who has lived together for years prior to tying the knot, there are special considerations you may want to address in a prenuptial agreement. While often maligned as being unromantic or a precursor to divorce, the fact is that these contracts can be useful for clarifying a variety of issues you and your spouse may face.
What To Include In Your Prenuptial Agreement
The American Association of Retired People (AARP) advises older couples making a prenuptial agreement to consider their interests outside of the marriage, such as extended family members and children from prior relationships. The following are two key issues that could be a consideration in your situation:
- Spouses are entitled to an automatic elective share of 30 percent of each other’s estates, and while this may be waived in a will, it is also something to consider in your prenup. If you each own property or have a jointly owned home, consider any portion you may want to leave to your heirs.
- Your spouse is also entitled to your pension benefits, but you can specify in your prenup that a portion is to go to another party, such as elderly parents or younger children. Your spouse will have to sign a waiver with the plan trustee, something that can only be done once you are managed. The AARP recommends doing this as soon as possible once you are married, and you may want to schedule the appointment in advance so you do not forget.
Along with addressing property and asset division in the event of a divorce or death, your prenuptial agreement can also address each party’s rights and responsibilities during the marriage. This can be particularly useful for older adult couples, as you will have the chance to discuss long standing habits you may have developed over how you manage your financial affairs.
Tips For Creating Your Prenuptial Agreement
A prenuptial agreement means nothing if it is not legally valid. To ensure the document you create stands up to the test of time, Next Avenue offers these five tips:
- You and your partner should have your own attorney look over the document.
- Remember that full disclosure of all assets is required for your prenuptial agreement to be a valid, legal contract.
- Sign your prenuptial agreement at least several months in advance of your marriage to avoid the appearance of being under duress.
- Discuss potentially sensitive issues, such as dividing your home or pension with other relatives, ahead of time, rather than springing it on your partner at the last minute.
- If you have adult children, have them look over the agreement as well. This can help avoid any hard feelings or potential disputes.
Contact Hancock & Associates, P.A. to find out how a prenuptial agreement may apply to your situation. We offer same day consultations in our Orlando or Tampa office, and we can help you create the type of agreement that best suits your needs.