Divorce, Second Marriage And The Effect Of Pre-Nuptials On Retirement Finances
Most of us think that marriage is an agreement made on the basis of mutual consent and this was the case until recent years when social change has increased the demand for a prenup. However, even today many couples in Britain, the USA, Canada, Australia, Singapore, Italy, Europe and many other countries are still keen on having a prenup. This happens because divorce is a very expensive affair these days and many individuals fear the social stigma attached to it.
As a result, there are many seniors who have tied the knot after years of cohabitation. They do so because they want to be able to live independently later on. But as they face different marital problems, they also realize that they need to sort out their financial affairs before getting married. They are thus looking forward to entering into a marriage with someone whom they love.
In the UK, cohabitation does not mean that the couple has joined hands just to get married. Rather, they are joining hands on the basis of a prenup or marital agreement. A prenup is an agreement which outlines how property and assets will be divided in the event of a divorce. The agreement may also address issues like how the couple's life expectancy will be calculated and who would pay for funeral and healthcare costs if the couple dies. A prenuptial agreement has to be drafted by an attorney as well as entering into legally by the two parties to the marriage.
As long as the prenuptial agreement is drawn and the signing parties are adults, it will stand the test of a court. Getting remarried outside of a marriage certificate may lead to legal problems in the future. In fact, this is the same case as with carrying out any marriage in the future. If one of the parties to the marriage has an estate which is worth more than the value of the other person's assets, then they may be forced to divide their wealth between the two in the case of getting remarried.
An attorney can draft the prenuptial agreement for either party to the marriage. Answering questions as to who is considered the surviving spouse is part of the agreement. The surviving spouse must be informed of the existence of a Will, or other planning instrument, even before the marriage is officially terminated. This is required in cases where one of the spouses has a much larger estate than the other.
Many seniors face the problem of not having enough money when getting married and have assets accumulated over the years. When they start getting remarried these assets do not have the same value as they did before. An attorney can help the couple to create a plan to deal with the new situation.
One area of concern that is always raised is spousal benefits. When a couple gets divorced, the former husband or wife will receive alimony, which is awarded at the time of the divorce hearing. Unfortunately, this does not always cover all of the spouse's expenses, which can lead to problems with obtaining the necessary funds. Even if alimony is granted, the time limits can make it difficult to apply for later spousal benefits. A divorce lawyer can help the couple negotiate for a fair settlement of spousal benefits to ensure that no one goes outside of the means of the other.
Another concern that affects many senior citizens getting married for the first time and subsequently remarry is the effect of prenuptial agreements. Prenuptials can affect the length of time that one has to live together after getting married, the amount of lifetime benefits received, and even how much the other spouse can earn during the years of the marriage. Couples can work out prenuptial agreements that b
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