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Prenuptial agreements are wise for older couples seeking marriage

When older Colorado residents decide to walk down the aisle, they are likely to have ingrained financial habits, as reflected by the complex assets and debts they bring with them. To avoid potential future friction, it is recommended that a financial plan be created to deal with any issues prior to the wedding day.

Protecting assets already accumulated is an understandably important consideration, whether accrued through real estate, retirement accounts or other investments. Oftentimes, a prenuptial agreement is often the best mechanism for addressing any concerns about combining assets or keeping them separate and apart. A prenuptial agreement can assist in ensuring that one's possessions are safe with no questions about distribution left unanswered in the event of divorce, and the agreement can also spell out what is to occur if one of the parties passes away.

Existing debt is another potentially problematic area. Before getting married, each party will likely benefit from knowing what outstanding financial obligations already exist. It is equally important to discuss responsibility for future debts. In this regard, it may be a good idea to review credit reports together in order to get a clear picture of the financial health of each individual.

Furthermore examining how the marriage will impact tax filings can be a valuable investigation prior to exchanging marital vows. Married couples often pay more because a secondary source of income increases a couple's effective tax rate.

A successful marriage at any age involves the ability to communicate and be open about financial matters and prepare for whatever may be ahead. Signing a prenuptial agreement is an important legal mechanism for providing a framework that lays out the rights and responsibilities of each spouse. Having the foresight to include a prenuptial agreement in your marriage may remove much of the complexity associated with the amount of assets accumulated by someone that marries at an older age.

Source: Fox Business, "Putting the 'Aged' in Engaged: Financial Tips For Late Marriages," Julie Bawden-Davis, April 19, 2012

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