Younger couples in Kentucky who have never been married before might be entering the marriage with few assets and see no reason for a prenuptial agreement. However, couples in their 50s and 60s who are getting married for a second time may have accumulated a number of assets they want to protect in case of a divorce. A prenup can outline how property should be divided and can even specify that the couple wants to try an alternative dispute resolution method, such as a collaborative divorce, instead of litigation.
They may also want to make sure that if one of them dies, both the surviving spouse and the deceased spouse’s children from the previous marriage are taken care of. A prenup can include an agreement to make estate plans after the marriage. One way to protect the interests of both a spouse and children is to create a trust that will benefit first the surviving spouse and then the children after that spouse’s death.
The couple may want to use the prenup to outline their plans for retirement. They may not have built their retirement savings together, but they might agree to rely largely on one plan. The prenup might also include a provision that ensures that a spouse with little in retirement savings still has a financially stable retirement even if there is a divorce.
Litigation that leaves one or both parties unhappy is not inevitable even for a couple who does not have a prenup. While a prenup may make the process move along more smoothly, a couple might still be able to reach an agreement on property division through negotiation or another approach.
