Divorce can be a burden, both emotionally and financially. For those over 50, likely preparing for retirement, divorce can be financially destructive. Retirement plans can quickly unravel, assets can disappear, and many late in life divorcees, especially women, find themselves in poverty post divorce. Late in life divorces, often referred to as gray divorces, are on the rise in America. For those ages 55 to 64, the divorce rate has doubled since the 1990’s, and for those 65 and older, the rate has tripled. Today, around one in four couples over 50 years old divorce, and it is more important than ever that late in life divorcees plan accordingly for their future finances.
Marriage is a celebration of love and commitment between two partners hoping to spend their lives together. While most couples enter marriage with the best of intentions, divorce statistics in the United States show that many couples do not have a happily ever after. For this reason, many divorce attorneys and other specialists encourage couples to consider prenuptial or postnuptial agreements. While discussing the dissolution of your marriage before it has begun can seem unpleasant, when properly drafted and implemented, a prenuptial or postnuptial agreement can truly benefit both spouses. Prenuptial and postnuptial agreements are no longer only utilized by America’s wealthiest couples. Here is what you need to know.