In the state of Alabama, and all across the nation, the youngest of the Baby Boomers are slated to turn 50 this year. According to a recent poll, 40 percent of 2014's newlyweds have also been involved in previous marriages. A prenuptial agreement is often used in these circumstances in order to prevent future discord and squabbles.
A recent report gave advice to those born between 1946 and 1964. Due to the fact that the human life expectancy has risen, the report suggested that those approaching retirement should begin early to prepare for the long-term reality of their Golden Years. Financial suggestions of saving more and spending less were included in the report.
Another tip given to readers stated that it is better to "loan" your children money, rather than "gifting" it to them. This way, if your children end up in divorce settlements, your money will be protected. Circumstances of divorce can be quite complex, especially when one or both of the spouses have past marriages as well.
If adequate preparations and contracts have not been put in place, surviving children can face a number of complications upon a parent's death if the widowed spouse is a step-parent. It was noted that if the inheritance of a child is not legally secured, it can be lost if the biological parent passes away before the new spouse. Those involved in a marriage that is not their first are wise to ensure that their offspring's rights will be protected and upheld upon their death. In Alabama, one way to do this is to sign a prenuptial agreement before marriage. Potential spouses may contact an experienced family law attorney in order to seek advice in such matters.
Source: New York Daily News, "California Divorce Attorny Explains Why Couples Must Make Sure Prenuptial Agreements Can Withstand Legal Scrutiny", Anne Margaret Carrozza, Dec.14, 2014