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Why individuals who choose to marry later in life need a prenup

Most people in Massachusetts are at least vaguely familiar with what a prenuptial agreement is and the purpose it serves. Many people, however, likely assume that only very wealthy individuals need to even entertain the notion of asking a fiancé to sign such a document. In truth, anyone who plans to marry, regardless of age or wealth, should seriously consider contacting an attorney who can aid in the establishment of this important and legally-enforceable document.

Having a prenuptial agreement is especially important for individuals who are age 50 or older and who are planning to remarry or marry for the first time. Individuals in this age demographic are likely to have more assets, investments and concerns about providing for one's own children. It's imperative, therefore, that an individual who is nearing or in retirement and has found love for the first, second, third or even fourth time take steps to protect their individual financial assets and property.

For individuals age 50 and older who plan to marry or remarry, matters that should be included and addressed in a prenuptial agreement include one's retirement and investment accounts, beneficiary designations, property, existing debts and costs associated with possible future long-term expenses.

In cases where an individual has children from a previous marriage or relationship, it's also important to take steps to protect their inheritance. This is especially true if one's fiancé also has children as blending families at any age, and especially when one's children are older, can pose many challenges.

Issues related to prenuptial agreements can become contentious, emotional and complicated. It's wise, therefore, to meet with an attorney who can take the emotion out of the equation and aid an individual in drafting a prenup that will ultimately serve his or her best interests as well as those of one's children.

Source: Time, "Does Grandpa Need a Prenup?," Tracy Craig, Aug. 25, 2015

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