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Prenuptial agreements critical for older spouses

Finding love again after the age of 50 is a wonderful thing. For those in Florida who are fortunate enough to find their perfect counterpart later in life, taking the plunge to get married is exciting. In preparation for a late-life marriage, couples should consider drafting prenuptial agreements. Doing so can ease the minds of other relatives who are concerned about what the future might hold.

Prenuptial agreements essential for older spouses

Preparing to marry is an exciting time, no matter one's age. For those who are taking the plunge after the age of 50, however, there are certain legal considerations that should be addressed as part of the wedding planning. Prenuptial agreements are an excellent example, and can provide important benefits to Florida spouses who are bringing considerable assets into the union.

Prenuptial agreements on the rise among millennials

A recent survey conducted by the American Academy of Matrimonial Lawyers suggests that younger couples are taking a proactive approach to financial planning prior to marriage. Among the family law attorneys surveyed, 62 percent report a rise in the use of prenuptial agreements among younger couples. That change may indicate that young people in Florida and elsewhere are approaching marriage in a different manner than their parents or grandparents.

The often overlooked benefit of prenuptial agreements

When considering marriage, many Florida spouses are concerned about money management. However, very few take the time to actually sit down and hammer out a solid plan for how to combine and manage finances as a married couple. Prenuptial agreements offer a clear and well-defined path toward having those conversations. Unfortunately, few spouses recognize the benefits of negotiating a prenup.

Survey suggests that Millennials favor prenuptial agreements

When it comes to protecting assets from being ravaged during a divorce, it appears that Millennials in Florida and across the nation are taking a far more practical approach than previous generations. A recent survey by the American Academy of Matrimonial Lawyers suggests that younger people are pursuing prenuptial agreements at a rate far ahead of their parents or grandparents. The survey included the input of more than 1,600 family law attorneys. 

Prenuptial agreements not the only source of protection

Many Florida couples choose to live together as they decide whether their relationship is worthy of marriage. For many of these couples, cohabitation turns into a long-term prospect, either by design or by circumstance. As they accumulate more and more assets together, many are unaware that they may be placing their financial stability at risk. While prenuptial agreements may not be of assistance to unmarried couples, it is still possible to secure a measure of financial protection.

Prenuptial agreements can strengthen marriages

When many Florida couples discuss a prenuptial agreement, the focus of those conversations tends to revolve around protecting assets in the event that the marriage does not work out. However, there is a far more optimistic and empowering way of framing the topic of prenuptial agreements. In many cases, working through the process of creating a prenup gives couples the chance to learn how each partner approaches finances, as well as their vision for the future.

Framing prenuptial agreements as estate planning tools

No one wants to begin a marriage by planning for its potential demise. Even so, couples in Florida who are marrying for a second or subsequent time should take precautions to ensure that their assets are protected from loss in the event of a divorce. Prenuptial agreements can be a difficult subject to broach, but the topic can be made more palatable by discussing the matter in terms of estate planning, rather than divorce.

A different take on prenuptial agreements

A great many articles focus on the need to secure a prenup prior to walking down the aisle. These pieces are usually written from the perspective of the more moneyed partner, who is looking to shield his or her wealth from loss due to a Florida divorce. This is an understandable approach, but in many cases the application of prenuptial agreements is somewhat heavy-handed. The party who comes into the relationship with fewer assets should gain his or her own legal counsel to make sure that the document is fair and balanced.

Alimony is not the only tax impact of divorce

When preparing to end a marriage, many Florida couples consider how the change in their marital status will affect their taxes. Most understand that alimony is both a tax-deductible expense for the paying party, as well as a tax-triggering form of income for the recipient. However, there are a range of other ways that divorce can impact taxes, and savvy spouses will consider the timing of their divorce to minimize additional expense.

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Fort Myers Family Law

Sheldon E. Finman, P.A.
2134 McGregor Boulevard
Fort Myers, FL 33901

Toll Free: 877-214-3207
Phone: 239-332-4543
Fax: 239-334-7828
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