The number of people in the United States who can be classified as elderly is on the rise. Along with that, statistics show that there has also been an increase of late-in-life marriages and divorces. This, of course, brings up a lot of financial concerns as those in their retirement years typically have more assets than those who are younger. Whether one resides in New York or elsewhere, a prenuptial agreement can help to protect what one has earned or acquired over the years.
Elderly marriage, like everything else, can have both positive and negative consequences. On the positive side, late-in-life marriages offer companionship. This alone can have significant affects on one’s emotional health.
The negative side of elderly marriage, however, is having to acknowledge family and financial concerns, which can put a significant strain on relationships. As older couples are likely to have children from previous marriages, it is not uncommon for these family members to question the intentions of new partners. It is also normal for family members to worry about how agreements with a new spouse might impact them personally and financially. A prenuptial agreement can help put these fears to rest. These documents can serve to set expectations for the marriage, help protect financial assets and clarify the rights of all involved.
A couple can seek a prenuptial agreement at any age. However, those entering into elderly marriages often have more to lose than younger couples in the event of divorce, illness or even death. Those in New York who are considering late-in-life marriages can benefit by seeking assistance in preparing marital agreements that ensure any and all concerns — financial or otherwise — are addressed.
Source: Time, “Does Grandpa Need a Prenup?”, Tracy Craig, Aug. 25, 2015