People in Florida and all across the country are waiting until later in life to get married. While millennials are perhaps most well-known for this trend, older generations may also choose to remarry or marry for the first time. According to CNBC, women and men are now waiting until 27 and 29 respectively to get married. Also, 53% of Americans over 55 have married again. With same-sex marriage now newly legal, many older couples that have been together for decades are also marrying for the first time.
When people marry later in life, they tend to bring more assets to the table. This may include real estate property, retirement benefits and investments. They also bring more liabilities, such as children who should inherit their property after they pass away. Because of this, older couples have to take financial planning more seriously.
One possible solution is to get a prenuptial agreement. While no one wants to consider divorce at the time they are getting married, planning ahead can help to make things go more smoothly if the marriage fails. This may eliminate much of the stress that comes with property division at the time of divorce. Prenups may also help to clarify what assets needs to go to the children or a charity. Estate plans may further help to solidify this by detailing a person’s final wishes in the event of the marriage ending by death.
As ABC Action News puts it, when people get married, their assets do not need to marry also. The news agency points out that assets are not the only concern. By keeping assets separate, they protect marital property from creditors if they have large amounts of debt. Debt may result from business loans, medical bills or bad spending habits. It is also a good idea to keep good records of all assets and liabilities incurred before and during the marriage. For couples who missed the opportunity to get a prenuptial agreement, they may get a postnuptial agreement after tying the knot.