Couples getting married at any stage in life should think about long term plans and property ownership. However, those getting married later in life may have more assets and be in the thick of estate planning, giving them more to consider when tying the knot. Here are some of the unique family law issues that older engaged couples in Michigan should keep in mind when planning for a happy and financially healthy future together.
Unless otherwise dictated in long-term planning documents, Michigan family law gives a spouse a great deal of rights and responsibility with long-term care. For example, a spouse may be able to make end-of-life decisions, as well as being given financial control should their partner become incapacitated. Those marrying later in life may prefer that children have more control over finances and decisions than the new spouse. Certain legal documents will need to be drafted to communicate these plans and desires and have them carried out under family law.
Responsibilities are also worth keeping in mind. When marrying an aging person, it is important to keep in mind that a spouse will be responsible for the care of that individual. This includes expenses related to health care and elder care.
No matter what age a person gets married, the reality is that divorce is still a possibility. Preparing with a prenuptial agreement is particularly important for those who are further along in their lives and career and often have more assets to protect. Those who are getting married further on in life can resolve many of these issues by working a lawyer to understand and draft agreements based on Michigan family law.
Source: wealthmanagement.com, “Never Too Old For Love“, Bernard A. Krooks, May 1, 2018