There’s a saying related to the belief that love is sweeter the second time around. In the U.S., this appears to be the case for many divorcees and widowers who are age 55 and older. A 2014 study conducted by the Pew Research Center reported that 67 percent of individuals age 55 to 64 who had previously been married are now remarried. Additionally, individuals over the age of 55 are more likely to report being married three or more times.
For an adult child, the remarriage of a parent often stirs conflicting emotions and raises practical concerns. While a son or daughter may truly be happy that a parent has found love and happiness again, he or she may also have concerns about how a remarriage may affect both a parent’s and one’s own future financial security.
For older adults who plan to remarry, it’s wise to consult with an attorney about how a prenuptial agreement can be used to ensure both one’s own financial security as well as that of children from a previous marriage or relationship. This is especially important in the event either a parent or his or her new spouse has existing financial or health problems, or if a parent’s betrothed has children.
Provisions that may be included in a prenuptial agreement include waivers related to the inheritance of property, assets and personal belongings. Additionally, a prenuptial agreement can detail the financial responsibilities of both parties with regard to existing debts and long-term care and medical expenses.
Many parents have a goal of helping provide for the financial security of their children and grandchildren. It’s important, therefore, that individuals age 55 and older who plan to remarry consider drafting a prenuptial agreement, which can be used to address matters related to the ownership and inheritance of personal property and financial assets.
Source: Time, “Does Grandpa Need a Prenup?” Tracy Craig, Aug. 25, 2015