Couples in Orange County, California, may have already heard about gray divorces -- divorces between couples aged 50 and over. Gray divorces are becoming a common trend. In 2008, an estimated 600,000 people aged 50 and older ended their marriages.
People who decide to get married prepare thoroughly for the grand event. Couples meticulously decide where they want to get married. They choose the cakes, the wedding theme, reception hall, the list of guests and the place where the honeymoon will take place. However, with the rise in gray divorces, there is one more thing that couples need to think about -- signing a prenuptial agreement. Signing an agreement may save couples from the burden and conflicts that divorce may cause.
For example, a prenuptial agreement can help to ensure that there are fewer expenses and can help couples avoid litigation during divorce proceedings. This agreement may be signed prior to marriage. It will detail all the separate properties, determine the division of marital property and also limit alimony.
Gray divorces have doubled for the past 20 years. One factor that contributed to the boom of gray divorce is the fact that women today are more financially independent. Another factor is that divorce is more acceptable today than it was in the past.
Since divorce is an option for couples experiencing marital disputes, it is important to carefully set up a contingency plan via a prenuptial agreement before it's too late. Even couples who dived into marriage without signing a prenuptial agreement can still make up for that by signing a post-marital agreement. In such agreements, couples may decide whether a certain property is community or separate. Signing this contract will help both parties in the future.
Prenuptial agreements are extremely beneficial. However, the complexity of these documents necessitates the assistance of an attorney. A seasoned professional should be able to assist with this legal matter or others that may arise prior to or after the "I do's" are done.
Source: Myfoxhouston.com, "Trouble brewing among seasoned couples," Damali Keith, Nov. 14, 2012