Yes, it’s right! There are still more than 50% of older couples that break up every year even if they have been married for more than twenty years, and this situation is common not only in the United States but also in the UK, Australia, and many other countries.
This number may be higher than we can imagine if we count unmarried couples that were together as partners. There are countless reasons why older couples decide to get separated from each other and get divorced.
This article will cover the benefits of prenups for older people, and moreover, take you through the importance of protecting your hard-earned assets.
1. It Ensures Financial Security
In today’s day and age, it’s more important than ever for couples to protect themselves financially in the event of a divorce. It’s highly recommended by attorneys to ensure your future is secured, and if you have similar concerns then you need a prenup.
A prenuptial agreement can help do this by outlining each person’s financial responsibilities and obligations in the marriage. This can provide peace of mind and security for both parties, knowing that their finances are protected, even after the marriage ends.
For example, if one spouse has a lot of student loan debt and has been trying to pay off those loans during the course of the marriage, then a prenup may include terms where payments on those loans would be waived in the event of a divorce.
2. It Helps to Protect Against Caregiver Burden
One of the main reasons why older couples need to consider prenups is to protect against caregiver burden.
With an aging population, it’s becoming increasingly likely that one spouse will need to serve as a caregiver for the other at some point in time. This can be an incredibly difficult and stressful experience, made even more complicated if there are financial concerns.
A prenup can help ensure that both spouses are on the same page financially, which can make the caregiving experience much easier.
For instance, when children are involved in these relationships, they may require support from their parents in the future. These children could inherit any property or assets accumulated during their parents’ marriage before the death of either parent- but only if their parent dies first.
If you die before your spouse does, your children might not receive anything because your spouse would own everything; this doesn’t happen with a prenuptial agreement where the property would be divided according to what you have agreed upon with your partner beforehand.
3. It Ensures Children Are Cared For
Prenups can help ensure that your children are taken care of financially. You can specify in the prenup how much child support will be paid and how it will be paid (i.e. directly to the custodial parent or through a third party).
You can also use a prenup to set up trusts for your children’s education or future inheritance. If you have an interest in property that may need to be sold during a divorce, you should consider including provisions related to the sale of such property in your prenuptial agreement.
For example, if one spouse needs to sell the family home in order to pay off joint debts, you may want that spouse to have the first option to buy back the house from their ex-spouse after paying off those debts.
Above all, the overall procedure of prenups will let your children have a secure life.
4. Preserves Family Business Interests
A prenup can help preserve family business interests by providing guidance on how the business will be divided in the event of a divorce. This can avoid tax consequences and help ensure that the business remains in the family.
In addition, there are estate-planning benefits to prenuptial agreements which include: protecting each other’s retirement benefits, preserving non-marital property from being lost to creditors, controlling how money is used to buy the property during marriage, protecting against debts incurred during marriage, setting forth what happens if one spouse dies or becomes disabled and much more!
So this is also one of the reasons why an older couple should consider getting a prenup before they tie the knot. Even though it may seem like something only young couples would do, it’s just as important for mature couples who want a secure life.
Disadvantages of Having a Prenuptial Agreement
Even though the prenuptial agreement is a practical process of protecting your assets, it holds some pitfalls as well. Especially for people who struggle to reinvent themselves after divorce.
We have stated the advantages of the prenuptial agreement, but here are some of the disadvantages to consider as well!
- People may view you as untrustworthy if you have a prenuptial agreement.
- Too practical for your own good. In other words, you may come across as being too calculating and unromantic.
- If your relationship does end, it could get ugly and expensive if you have to go to court to enforce the terms of your agreement.
- Prenuptial agreements can be hard to change if circumstances change down the road (for example, if you have children together).
- If one spouse dies, the surviving spouse may be left with nothing if there is a prenuptial agreement in place.
- Your family and friends may not approve of a prenuptial agreement and may try to talk you out of it.
- Another disadvantage is that prenups take time and money which some people don’t want to spend when they are starting their new life together
So, should you take steps for prenups as an older couple? To be very practical – yes, you should! Most relationships start on a happy note. But it’s uncertain that after 15 years, you won’t meet with disagreement that leads to sad endings.
It doesn’t matter how you both will live your life separately. But if you love your kids and don’t want to do any injustice to your ex-better-half and your kids, the prenuptial agreement is the paper that will always be your side to hold your back!