By Harry S. Margolis
For a long list of reasons, we recommend that all seniors contemplating marriage enter into a prenuptial agreement. Such agreements don't just govern what would happen to their property and income in the event of divorce, but also who is responsible for various living expenses, including maintenance of insurance, and what will happen to each spouse's property upon their death.
While men and women getting married at a younger age often have little or no assets to begin with and create an estate and family together, older newlyweds are more likely bring with them both children and property accumulated over a lifetime of work—often, with a predeceased spouse. Without planning, assets can easily end up paying for a new spouse's long-term care or pass to the family of the surviving spouse, rather than to the children and grandchildren of the first spouse who passes away.