A prenuptial agreement is a contract between two people who are who are getting married. It determines what property is “separate property” and what is deemed “marital property.” Separate property is wealth that the future spouse waives rights to upon death or divorce.
Many people agree that prenuptial agreements are a must for older adults that plan to marry, especially if children and/or grandchildren are involved. A prenup is a practical way to settle how to divide assets should divorce or death occur. While prenuptial agreements may be wise, they can feel like you are giving up on your marriage before it even starts. Check out this well written article to further evaluate whether a prenuptial agreement is right for you: Getting Married Later in Life: Should You Have a Prenup?