Whether because of divorce or a spouse who has passed away, many seniors find themselves back in the dating game. In today’s society, it’s common for people to have two and sometimes, even three or more marriages. When these marriages take place in the golden years, there are some specific needs that must be addressed.
By the time people get to retirement age, many of them have amassed significant estates, whether in monetary or physical assets. Seniors considering marriage also often have children, grandchildren and even great-grandchildren from their previous relationship. If you are a senior considering marriage, one thing you may wonder is if you can benefit from a prenup.
The short answer is yes. A prenuptial agreement is never a bad idea, and if you have real estate, trusts, retirement accounts, pensions or other complicated assets, it may be a crucial part of ensuring your family is taken care of and your assets pass on to your family members as you wish. Having a prenuptial agreement can help you separate your estate from the marital assets and set forth a plan for both after divorce.
While a prenup can be an invaluable tool, it still has its limitations. Many couples think they may be able to circumvent having to pay for each other’s long-term care by using a prenup, but Medicaid does not always respect those terms. In some cases, the well spouse will have to pay for the other party, even if the prenuptial agreement states otherwise. It’s always important to talk with a family law attorney to ensure you understand how a prenup can help you and where you may need to make other arrangements.
Source: Time, “Does Grandpa Need a Prenup?,” Tracy Craig, Aug. 25, 2015
