People in Colorado who got married in their 20s and 30s may not have been overly concerned about completing a prenuptial agreement; they may not have had substantial assets, so getting a divorce may have seemed to carry little risk. However, for people in their 50s or 60s who are getting married for the second time, a prenuptial agreement can be an important legal document to have.
It is not unusual for people who are getting remarried to have accumulated substantial assets, homes, businesses, retirement funds and children from a previous marriage or relationship. Without a prenuptial agreement in place, if the second marriage doesn’t last, there could be significant financial consequences.
People who decide to get married later in life may be very concerned about being able to support the new spouse during retirement and old age. There can also be concerns about making sure that children are able to receive intended assets if their parent dies unexpectedly. These issues and more can be resolved with the use of a second-marriage prenuptial agreement.
With the agreement, couples can make decisions on how they will support themselves financially during the course of the marriage. They can also develop a plan for when retirement assets should be withdrawn. Couples can specify in the prenuptial agreement who will be paying for household expenses and in what proportion to their assets or income.
Divorce attorneys may assist clients who are getting married for the second time with developing a prenuptial agreement that is designed to protect their interests and rights should the marriage end in divorce. The attorneys may engage in negotiation with the attorney of the other party to include favorable terms regarding the payment of bills during the marriage and the treatments of assets intended for children from a previous relationship.