Fredrick P. Niemann

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The old saying goes “a little bit older, a little bit wiser.” If your next marriage isn’t your first one, then you have probably learned that marriage is more than romance – it’s finance. You don’t have to be a multimillionaire to consider the benefits of a prenuptial agreement. Think of it as a business arrangement or as an insurance policy to help remove some of the emotional angst of getting remarried. A prenuptial agreement and the earnest discussions that go with it can help ensure the financial well-being of the marriage. Under the laws of New Jersey, the court divides assets based on what it considers a fair distribution. The judge would take into consideration such factors as the length of the marriage, whether there are children born of the marriage, and the couple’s age, health, job skills, the income of the parties, and other factors.

With those facts in mind, it is easy to see why a prenuptial agreement could be one of the best decisions that you make in your life. Here are some tips to successfully deal with some of the thorny issues that surround a prenuptial agreement:

a. Discuss the subject early. The mention of a prenuptial agreement shouldn’t come as a surprise if you and your companion have been open with each other as the relationship became more serious.

b. Ask your attorney at the first meeting what the anticipated charges will be.

c. Hire separate attorneys. To help ensure that a prenuptial agreement will be legally enforceable, both spouses must hire separate lawyers. Use only matrimonial lawyers who are familiar with prenuptial agreements. Moreover, make sure that your lawyer has at least ten years of experience.

d. Make sure the agreement is in writing and ensure that the signing is witnessed by a lawyer.

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Due to an increased life expectancy, a 50% or higher divorce rate in the United States, and an increasing amount of second marriages, prenuptial agreements are now widely accepted. It is very important for seniors to approach the idea of a prenuptial agreement with an open mind. It must be emphasized that a prenuptial agreement does not mean that you are planning to get a divorce, or that you do not trust your new spouse. Instead, senior couples are now recognizing the seriousness of their upcoming commitment of marriage. Moreover, senior couples are now communicating their concerns for the future financial security of their other relatives, and are expressing their respect for the hard-earned assets and accomplishments of their future spouse.

Although many people look at a prenuptial contract as rather “unromantic,” the reality is that individuals in middle and later life are likely to have more significant assets than younger couples. Additionally, seniors often have important financial obligations in the form of alimony or child support payments, hard-earned estates they wish to leave to their children, and emotional baggage from their previous marriages. In order to provide a solid foundation for their future marriage, seniors should consider sorting through their finances. They should also create a plan for how they will merge their economic as well as their emotional lives.

Seniors should not jump into the serious business of marriage. There are some very harsh consequences that can occur if a senior does not carefully plan for economic ramifications. Life is not a romantic experience. If seniors came with me to divorce court for a week, then at least half would choose not to get remarried. At this later stage of life, seniors should carefully prepare a detailed and comprehensive prenuptial agreement that addresses every aspect of their financial life.