The Importance of Prenups for Older Couples

We’ve all seen the story. Mom and dad are retired, sitting on the pile of money they earned throughout their working lives. Mom passes away, dad starts to get lonely, and the next thing you know dad is spending a lot of time with a woman you’re pretty sure you used to babysit. We have the makings of one of the greatest conflicts in humanity: the children versus the “gold digger.”

While few of us experience the stereotypical “gold digger,” it isn’t uncommon for adult children–who are often set to inherit from their surviving parent–to become nervous when that parent starts a new relationship, regardless of the new partner’s age or motivations. The kids have been in the mix for decades and it’s scary to think that a new fling might walk away with your parents’ house and retirement accounts. Even if this isn’t the new partner’s goal, the threat alone can go a long way towards poisoning the relationship between the kids and mom or dad’s new partner.

In these situations, I always recommend a prenuptial agreement. These are flexible documents that can be tailored to any given situation. And often times, it allows the parties themselves to discuss what their expectations are regarding the financial part of the relationship for the first time. These types of discussions can be difficult, but I can promise you it’s much easier than the fight that can erupt between the children and the new spouse after the parent is gone.