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Tips on avoiding a costly divorce settlement in Illinois

On Behalf of | Jun 30, 2014 | Firm News

The actions of spouses can definitely have a detrimental effect on the finances of an individual. The divorce of former New York governor Eliot Spitzer provides some insight into the ways that a prenuptial agreement can avoid problems later.

No one was really surprised when the former governor and his wife decided to divorce. Statistics show that in the United States in 2010 25 percent of divorcees were past the age of 50, an increase from 20 years earlier when only ten percent of divorced persons had reach their 50th birthday. On the other hand, while remarriage rates have declined in general, 25 percent of women and 33 percent of men 45 years old and up do still remarry. Those that do enter into a second or third marriage and divorce may find they have more to lose. This is where the prenuptial agreement can save them from a good amount of financial hardship.

Another thing for older couples to consider is future inheritance. In most states, a parent can avoid leaving anything to their children, but the same rule does not apply to a current spouse regardless of how many times a person marries. This serves to illustrate the need to periodically review wills as well as beneficiary designations on life insurance policies and retirement accounts.

Couples over the age of 50 have more to lose than younger ones because of different things such as retirement benefits, investments, and accumulation of wealth in general. A family law attorney can help negotiate a prenuptial agreement on behalf of a client who has previously been married and who wishes to protect and preserve assets.

Source: Equities , “What You Can Learn from Eliot Spitzer’s Costly $7.5 Million Divorce “, Dennis Miller, June 14, 2014