Lately, we’ve been hearing a lot about gray divorce—couples ending their marriages after the age of 50. But once these couples divorce, they don’t stay lonely forever. Many remarry after a few years.
This is called gray marriage and this marriage can also be complicated when it ends. In many cases, it ends in death, but it could also end in another divorce.
Because of these possibilities, estate planning and financial planning are critical. Without proper planning in place, any inheritances could end up going to the wrong person, resulting in family feuds. Here are some things to consider when you decide to get married again.
Prenuptial agreements are not just for wealthy people. If you get remarried, you will want a prenup to protect yourself and your family. A prenup gives you, your adult children, and grandchildren extra security in the event of your death or another divorce. It also reduces the risk of fraud by your partner.
When you get married, there are a lot of inherent rights and responsibilities. If you were to die, your family may end up getting some of these responsibilities. As such, you may want to use a prenuptial agreement to spell out specific concerns. For example, you may want to include a clause that states that your children are not financially responsible for their stepmother’s or stepfather’s long-term medical care should they need it.
Now that you’re remarried, you’ll want to update your estate plan to include your new spouse. You’ll also want to have a lawyer review it to ensure that it does not unintentionally disinherit your new spouse or children from the previous marriage. A revocable living trust is a good idea, as it allows a person to intentionally distribute assets to specific heirs and beneficiaries. Plus, a trust is private, whereas a will is not.
It’s important to make changes to your estate as your children get older. For example, you may not want them to possibly inherit a lot of money while they are still in college. There are ways to establish multiple trustees as well as create multiple trusts based on your needs.
While you’re at it, you’ll also want to update any health insurance and life insurance policies. In addition, you’ll need to update your power of attorney and healthcare power of attorney to appoint your new spouse. By planning ahead, you can have peace of mind.
A gray divorce is often a devastating situation for couples in their 50s, 60s, and beyond. Getting married after a gray divorce can also pose some risks and complications.
A prenuptial agreement may be helpful. A Columbia divorce lawyer from The Law Offices of Todd K. Mohink, P.A. can guide you through the process and help you make good decisions. Schedule a free consultation by filling out the online form or calling (410) 774-5987.
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