Many people in Michigan end up divorcing and getting remarried later on. While people might not think about entering into prenuptial agreements when they get married the first time, having one before entering into second marriages after the individual spouses have accumulated assets and have had children might be a good idea.
When people get remarried in their 50s or 60s, they have likely accumulated substantial assets such as retirement accounts, real estate, and artwork. They may also have children from their previous marriages and want to make certain that they are provided for. People might also want some protection in place in the event that their new marriages end in divorce.
Prenuptial agreements can help older adults to figure out how their separate property will be handled if they divorce. They can also be used to determine how they will live while they are married. For example, if one spouse has a much larger retirement account than the other one, the couple might agree to live off of the larger retirement account balance while withdrawing only the required minimum distributions from the smaller account. Prenuptial agreements can also determine how the assets will be divided if the couple does divorce and can mandate that the couple attempt to use an alternative dispute resolution procedure instead of litigation.
When older adults decide to end their marriages, they may have to deal with complex property division issues. They might benefit from consulting with family law attorneys who are experienced in handling high asset divorce cases. The attorneys might work with valuation experts, forensic accountants, and other professionals to gain a clear picture of the assets that are owned by the couple so that they might protect their clients’ finances and rights in the division of the property.