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Prenuptial agreements may be ideal later in life

| Jun 13, 2019 | Prenuptial Agreements |

Individuals in Virginia tend to be older and have a higher net worth when they get married for a second or third time. Furthermore, they may have children or other interests that they want to protect in the event of another divorce. Therefore, it may be a good idea to negotiate and execute a prenuptial agreement before getting married again. Creating such an agreement may also allow couples to plan for their eventual retirement.

It can help couples determine when they will start taking distributions from retirement assets and which accounts to use first. One issue that is unique to marriages later in life is that older couples may not accumulate assets together. Instead, a majority of assets will be brought into the marriage. The terms of a prenuptial agreement may help to reallocate those assets in a manner that is fair to both parties.

By reallocating assets in the event of a divorce, those who may not have a lot of money can feel more secure in the relationship. When individuals feel secure in their relationships, it may result in fewer hard feelings that can increase the risk of a marriage failing. Ultimately, the creation of a prenuptial agreement gives couples a chance to talk openly, and good communication is one key to a successful relationship at any age.

While no one likes to plan for a divorce, there is a chance that a marriage won’t work out. In some cases, it is easier to negotiate the terms of a divorce ahead of time when both parties are thinking in a more objective manner. An attorney may be able to review a prenuptial agreement or help to craft one. This may maximize the chances of the document being seen as legitimate in the future.