Top Reasons Why Older Couples Should Consider a Prenuptial Agreement

Prenuptial agreements are often a good idea. If you, your spouse-to-be, or both of you have considerable assets, protecting them in a prenuptial agreement prior to marriage makes sense. If your marriage does end in divorce, which many do, these matters will not become sticking points, but it can also take some pressure off your marriage, which is generally considered a good thing. If, however, you’re entering a second marriage or you’re marrying later in life, a prenuptial agreement can be that much more important. 

An experienced Illinois prenuptial agreement lawyer can help you explore your best options and make the right financial decisions for you. 

You Have Children from Another Marriage

A primary reason that older couples who marry seek premarital agreements is because they already have children from a prior marriage, and they are interested in preserving their individual property and inheritance rights. If you are married, and you die without a will, your assets will be divided in accordance with Illinois’ laws of inheritance – called laws of intestacy – which can take a considerable bite out of your children’s inheritance. Further, you can’t disinherit your spouse, which means that, even if you have a will, your spouse will likely receive some of the inheritance you intended for your children if you don’t have a valid prenup in place. 

You Likely Own More

When young couples marry, they often don’t have much, and they build their estate together. When you marry as an older person, you’re both likely to come into the marriage with greater assets – and possibly with a considerable amount of debt. When you create a prenup, you both put your financial information on the table, and it allows you both the opportunity to determine how comfortable you are with your soon-to-be spouse’s overall finances. A prenup may provide you with the peace of mind you need to say I do. 

Your Retirement Accounts May Be Your Nest Egg

As you creep closer to retirement age, your retirement accounts and other financial tools are likely growing much larger, and they represent your nest egg – or what you’re counting on to carry you through your retirement years. If you have a considerable amount in these accounts at the time you marry, that amount will likely be considered a separate asset that will not be affected by divorce. But it’s important to keep the following points in mind:

• Any increase in their value while you are married will likely be considered marital property that will need to be distributed between you fairly in the event of divorce. 
• Once you begin to dip into these accounts, any commingling of the funds with your marital assets can chip away at the dividing line between separate and marital.   

An Experienced Illinois Prenuptial Agreements Lawyer Is on Your Side

The focused Illinois prenuptial agreements lawyers at WARD FAMILY LAW, LLC, dedicate their imposing practice to helping clients like you protect their financial rights with solid prenuptial agreements that address their unique concerns, including those related to a second or later marriage. To learn more, please reach out by contacting us today.