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Prenuptial Agreements for Later Life Marriages
Many people are getting married when they are closer to thirty years of age and not twenty years of age, as they did in the 1960’s. Many couples are also remarrying for a second or third time or more in their later years. These couples more than likely have children and wish to provide for their children as well.
By being older and wanting to marry or remarry, individuals tend to have more assets when entering the marriage than they would have if they were getting married in their twenties. This is also true for many same sex couples who are contemplating marriage. There are many legal, and financial issues that need to be considered prior to these late in life marriages. Therefore, a pre nuptial agreement is very important to address the legal and financial issues facing couples getting married in later in life.
A pre-nuptial agreement is a legal document and can address a lot of what happens if the marriage fails or if a spouse dies. A prenuptial agreement can also state the parties' intentions when passing down assets to children from a previous relationship or marriage.
A pre-nuptial agreement does not have to be a deal breaker when it comes to deciding whom to marry. The agreement protects both parties and their assets, it is not one sided. A pre-nuptial agreement can be a useful planning tool for pre-marital asset division and can also lessen the costs of legal fees if the marriage does fail.
Preventative measures, such as pre-nuptial agreements, save time and money and can prevent long and arduous litigation during a very emotional time; i.e. the break up of a marriage. Most people never use their pre-nuptial agreement. However, in cases where the marriage fails, the agreement can prove to be invaluable.
If you are contemplating marriage, especially later in life or entering into a same-sex marriage, you should contact a family law attorney regarding the preparation of the pre-nuptial agreement.
A couple can come to their own agreement about property settlement, which the court will generally accept. The Pennsylvania court will decide if either spouse is entitled to alimony, based on age, physical and mental condition, earning potential, duration of the marriage and standard of living. The court decides the duration of alimony, but support ends automatically if the one receiving it remarries or cohabits.
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