Getting remarried is a time for celebration, but it also requires you to carefully think through many issues. How difficult was your divorce? Why did the marriage go wrong? What is your financial situation like now? You plan for this one to last forever, but you are older and wiser now. Is it better to be safe than sorry? Are you willing to bet half of your assets that this marriage will last on "til death do you part?"
A study on the "gray divorce" phenomenon by Bowling Green State University found that between 1990 and 2010, the divorce rate among people aged 50 and above doubled. It also found that second marriages are twice as likely to end in divorce as first marriages.
It Is Wise To Take Precautions
While it's not fun to think about the possibility that your latest marriage will end, the financial consequences of a divorce later in life can be much more severe. That is why a prenuptial agreement is nearly essential if you are considering getting remarried.
A prenuptial agreement can protect you from:
- Making more alimony payments: You may already be paying alimony from your first marriage. Owing support to a second spouse can be ruinous. It could lead to other negative financial outcomes, such as dipping into your retirement account early.
- Further losses of retirement/pension benefits: The property and asset-division process of your first divorce could have cost you a portion of your retirement and pension benefits. A second divorce could erode those benefits even further. That could mean having to postpone retirement or not having the life you imagined in your later years.
- Losing assets you want to go to your children: While a second divorce in your 50s, 60s or later will likely not include arguments about child custody and support, any adult children could still be a factor. A divorce could scramble plans to leave assets, such as a home, car or other valuables, to your adult children. Additionally, if you provided financial support to adult children, financial losses from alimony could make it harder to continue providing for them.
Don't think of a prenuptial agreement as a guarantee that you will get another divorce. Think of it as possible insurance against a worst-case scenario. A strong prenuptial agreement will help you get through a divorce easier and provide peace of mind.
Talk To A Lawyer When Negotiating A Prenup
Attempting to negotiate a prenup on your own could mean missing crucial details that could eventually cause you financial harm. An experienced Board-certified family law specialist attorney can help you think through every issue that could arise and help you negotiate an agreement that is in your best interest.