Over 40% of recent marriages bring together people in California and across the country who were married previously in the past. In many cases, people are wary about combining finances because they have already gone through the difficult property division stage of divorce in the past. In other cases, people may be concerned about how best to balance the needs of their children in a blended family, especially when adult children are involved. This is increasingly common, because remarriage is particularly popular among older Americans.
According to one study, over 66% of previously married Americans between the ages of 55 and 64 choose to remarry. By the time they reach these ages, both spouses may have significant assets, real estate and retirement funds. In addition, both may also have adult children that they want to provide for in their estates. When people hear about prenuptial agreements, they may think first of the ultra-wealthy or Hollywood celebrities. However, prenups can be a particularly useful option for older Americans who choose to remarry. As California is a community property state, a prenup gives both parties the opportunity to address their financial decisions while they love one another.
Couples remarrying later in life may be even more open to the practicalities presented by a prenup, especially if they went through challenging divorces in the past. A prenup can cover the assets and property each party brings into the marriage as well as both spouses’ plan for the distribution of earnings during the relationship. Designating property as separate early on can help to keep it intact to pass on to the children.
A prenuptial agreement might be a smart choice for people of any age considering marriage, especially when significant assets are involved. A family law attorney may represent a spouse-to-be in negotiating a fair agreement.