The age of life expectancy has increased over the years. One consequence of this seems to be that many people are marrying later in life. In fact, some Alabama couples might be in their Golden Years when they decide to marry. Whether to sign a prenuptial agreement is a concern of many.
It is misguided thinking to assume that prenuptial agreements are only for those who are financially rich and those who are young. For elderly adults who choose to marry, this type of contract might prove beneficial because of the complexities that might exist after a lifetime of building wealth, businesses, stock portfolios and other notable assets. In some cases, one or both potential spouses is a widower or widow, and his or her deceased spouse’s trust funds might also affect future financial obligations or assets.
Most couples marrying late in life will want to ensure that their children’s and grand-children’s inheritances are protected. Acknowledging family concerns and taking steps to update one’s documents and determine how an inheritance will be divided between a new spouse and previously listed beneficiaries is one way to prevent potential discord and stress in the event of one’s death after marriage. Some who enter premarital contracts include a waiver of rights, saying that neither spouse will inherit the other spouse’s property. This might help avoid complications when property has already been slated to be bequeathed to children or grand-children.
Some believe that when an elderly couple signs a prenuptial agreement, it helps avoid sibling squabbles if one or both spouses has died. In Alabama, there are legal professionals who have experience in and focus their legal practices on family law cases. It might prove beneficial to address one’s questions or concerns regarding premarital contracts with an experienced attorney in the area before making any decisions in the matter.
Source: Time, “Does One of My Grandparents Need a Prenup“, Tracy Craig, Aug. 25, 2015