There may be an increasing number of older couples pursuing a “gray” divorce but not everyone finds love again. However, you are one of the lucky few who can start afresh and even consider remarriage. Equipped with the valuable lessons from your previous marriage and divorce, perhaps you can now see the wisdom of having a prenuptial agreement.
As you embark on this new chapter, you may discover that your concerns now are far different from those you had before. Drafting a “gray” prenup may provide benefits other than securing your financial future. It may alleviate your worries regarding retirement and supporting children from a previous marriage.
Benefits of a “gray” prenup
A prenuptial agreement involves having difficult conversations about finances and the future. With age comes a different perspective. You may feel more comfortable now defining how you and your future spouse will support one another in the marriage, including how you will manage retirement funds and other assets. A prenup allows you to put your financial responsibilities and expectations in writing.
Another major concern you may have is how to care for children from an earlier marriage after your passing. A well-drafted prenup can help outline what happens to specific retirement accounts and assets in case of another divorce or when you pass away. You can establish terms that consider the needs of your children and new spouse and how you will meet them.
Having a prenup can allow you to enter a new marriage with peace of mind, knowing that you’ve prepared for the future.
Considerations before signing a prenup
Despite everything, your partner may hesitate to sign a prenup. It may help to remember that a prenup is not just about protecting assets. It is also about ensuring care for those you love, including your new partner. Crafting thoughtful and considerate prenup terms may help your partner be more receptive to a prenup.
If you are worried about whether a prenup will hold up legally, consider speaking to an attorney. When the time is right, legal guidance may help you draft a prenuptial agreement that both you and your new spouse can feel confident about.