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Older couples may have greater need for a prenuptial agreement

Many couples preparing to wed take time to consider their financial standing as they plan their new lives together. Considering a prenuptial agreement is often a savvy approach to such planning, and serves to protect the assets brought into the marriage by each partner should the union end in divorce.

While a prenuptial agreement may not be as romantic as shopping for wedding cake or choosing the reception venue, it is nonetheless a move that deserves careful consideration. When a Colorado couple marries later in life, having a prenuptial agreement becomes even more important.

Older adults have significantly different financial concerns than young couples. As people approach or pass retirement age, combining their lives and finances becomes more complicated than it may have been decades earlier. Older couples often have different retirement plans in place, and may have built up savings from an earlier inheritance or divorce proceeding. In addition, when couples enter into marriage having already raised a family, there is a new set of inheritance issues to consider.

A prenuptial agreement can serve to protect assets brought into the marriage. This can include retirement income, savings, and investments. In addition, a couple can also outline how they wish their assets to be distributed to their loved ones.

Many Colorado couples fear that having a discussion about a prenuptial agreement may be misinterpreted as a lack of trust by the other partner, and put off broaching the subject. However, there are many benefits of having a sincere discussion about each partner's financial standing and plans, including debt load and estate planning. No matter the age of the bride or groom, entering into a marriage is an act of trust and dedication. Having a clearly defined financial outlook, laid out in a mutually-acceptable prenuptial agreement, is an excellent way to begin a marriage with a solid base of honesty and trust.

Source: EmpowHER, "Seniors, Marriage and the Prenup," Jody Smith, July 1, 2012

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