Divorce in Kentucky and around the nation has seen an overall decline in recent years. One area where this does not hold true is the divorce rate for those aged 55 and older. The divorce rate for this group is on the rise. Another factor with his group is that they are also more likely to marry again than their younger counterparts. In view of that fact, there are some measures that can be taken to protect retirement assets in the divorce process.
One of the most useful tools available if a person is considering a second marriage is a prenuptial agreement. This can help clarify what assets were separate property prior to a second marriage thereby helping to ensure that they remain the property of that person. The agreement can also determine how increases in value of the assets during the marriage are to be handled.
Postnuptial agreements can also be entered into as a means to protect assets if a couple are already married and are concerned about the division of assets either in the event of a divorce or death. Considerations may include provisions for children or grandchildren from a previous marriage. Cash assets that are brought into a second marriage are best kept as separate accounts. This would include checking and savings accounts as well as some brokerage accounts. Once the assets are combined as jointly held assets, they can be considered marital property in the event of a divorce.
Regardless of age, couples typically marry in Kentucky with the intent of entering into a long-term relationship. Sadly, marriages do not always end up that way. Particularly in the event of a divorce later in life, protection of retirement assets becomes very important. Consulting with an experienced family law attorney can provide one with important guidance in this area.