The prenuptial agreement is often thought of as something that only wealthy individuals need to consider. However, as more Michigan couples over 50 decide to marry, the prenuptial agreement is becoming an important tool for this age demographic. For many of these individuals, the decision to marry carries with it concerns regarding property division in the event of divorce or death.
Most of these individuals marrying during their golden years will already have children and assets that need to be taken into consideration. The prenuptial agreement offers the couple the opportunity to discuss how their blended family should be taken care of and provided for. This allows each individual to protect his or her children and grandchildren just in case things do not work out.
Another factor to take into consideration is the likelihood that one spouse will outlive the other. When this happens, the surviving spouse and children generally inherit a certain percentage of the estate. However, this may not be what was intended, and the prenuptial agreement can specify exactly who should receive what assets. As such it is an important part of the estate planning process as well.
While many individuals think of the prenuptial agreement as a part of the divorce process, it is actually a useful financial planning tool for many older Michigan couples who decide to marry. It allows couples to discuss their expectations and concerns prior to them becoming an issue. By working with experienced attorneys, each individual can identify their property division concerns and desires.
Source: Forbes, “6 Money Myths About Marrying After 50“, Lisa Rabasca Roepe, Feb. 13, 2017