In my previous post, I mentioned how much more frequent it is for people over age 65 to divorce. In spite of the national average being down, older Americans are divorcing at a much higher rate than they did in the past.
It’s difficult and painful enough to go through any divorce, regardless of your age, but I can’t imagine how much more complicated and painful it can be when you have been married for many years. Depending on the property agreement between the parties and if anyone is going to remain in the home, funds from a Reverse loan can be used to buy out the other party.
Here is the remainder of the article by Anita Gumm, Esq. about “Premarital Bliss”. See my previous post for the first part of it.
“Also, a party may want to preserve his or her estate for his or her heirs, free of the other party’s inheritance claims. Premarital agreements may validly provide that the earning and accumulations of each party’s separate property, free of any claims, community property or otherwise, of the other party.
Agreements fixing or saving child support are invalid. However, spousal support may be waived or fixed in an agreement so long as the agreement is ‘fair and equitable’. The parties may determine ownership rights and disposition of death benefits from a life insurance policy in an agreement along with their property rights.
Each party must fully disclose all of their assets and debts in the agreement otherwise a court could find the premarital agreement unenforceable.”