Prenuptial agreements can be created at any age.
As joyous as wedding planning is, it can seem like a downer to bring up the topic of a prenuptial agreement. Considering that an estimated 40-50% of marriages in the United States end up in divorce, however, it’s a conversation you need to consider having. If you’re middle aged, here’s why this conversation is especially important:
Divorce is Happening Later
Divorces aren’t just happening to couples who marry too early and never found their perfect match, it’s happening later and later. The mean age of divorced men and women in the United States is still around 30, but people over the age of 50 are getting divorced at an alarmingly increasing rate. Half a century ago, only 1.8% of the population over 50 were divorced, but as of 2011, 15.4% were. As the divorce rate for middle aged Americans continues to increase, prenuptial agreements will become more important and commonplace.
You Have More to Lose
One of the biggest reasons for signing a prenuptial agreement is that you have more assets to protect, on average, as you grow older. Consider the average net worth of an American in 2013:
- Under 35: $10,400.
- 35-44: $46,700.
- 45-54: $105,300.
- 55-64: $165,900.
- 65-74: $232,100.
If you’re in your mid 30’s, your net worth will be, on average, 4 times as much as newlyweds coming out of college. If you’re in your mid 40’s, your net worth will be 10 times as much. This makes discussing a prenuptial agreement critically important.
The Discussion Itself is Valuable
Economists have found that the single highest contributing factor to divorce are financial disagreements. Even if you find that you don’t need to sign a prenuptial agreement, there’s a lot of value in simply opening the discussion about finances up. Here’s some necessary discussions you’ll need to have:
- Where will you live together?
- What steps will you take to save for retirement?
- Do you want children? Will one of you be the primary caregiver?
- What debts do you have? How will you work on paying them off, and where do you begin?
Prenuptial agreements might not be the most exciting part of getting married, but it’s necessary to have the discussion. As you begin wedding planning, make sure to reach out to a local lawyer who can facilitate these discussions. They’ll help you finish up quickly so you can get back to picking out your cake and music!
If you have questions about a prenup contract or require legal assistance in other areas of Family Law you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at firstname.lastname@example.org.