Many family law professionals rave about the benefits of a prenuptial agreement. While prenuptial agreements can benefit almost any couple, regardless of their age or income, prenuptial agreements provide an added benefit to older couples with sizeable estates. Minnesota couples over the age of 50 who are thinking about marriage may want to learn more about their options when it comes to estate planning and prenuptial agreements.
Unlike younger couples, older couples who are getting married tend to be relatively established, which means they enter the marriage with retirement savings, business assets, real property and other financial holdings. Although the goal is for the marriage to last forever, sometimes this doesn't happen and a little security can go a long way, especially when a couple is dealing with complex asset division. The following are just a few things for older couples to consider when thinking about a prenuptial agreement.
First, a prenuptial agreement can help older couples protect what they built for themselves before they enter a marriage. This includes preserving a person's retirement savings, insurance coverage and employer benefits, as well as their estate planning goals. While this may seem less than romantic, the fact is that around 50 percent of marriages end in divorce and despite a rise in so-called "grey" marriage, there has also been a significant spike in "grey" divorce. If a couple in Minnesota is interested in obtaining a prenuptial agreement before marriage it is important to get the right information to determine specific needs.
Source: Huffington Post, "The No. 1 Rule for Couples Marrying Late," George Papdopoulos, March 19, 2014
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