Alert
Close

   

Enter the Family Fun Travel Sweepstakes. No purchase necessary. See official rules

Highlights

Open
AARP Family Vacation - Photo Contest

Contests and
Sweeps

Enter the AARP Family Vacation Photo Contest

No purchase necessary. Ends 5/31/15. See official rules. 


Driver Safety

Piggy bank on the road - AARP Driver Safety

Take the new AARP Smart Driver Course!

You Could Choose Your Dream Vacation
Happy African American couple

AARP Books

Visit the Money Section

Enjoy titles on retirement, Social Security, and becoming debt-free.

Jobs You Might Like

most popular
articles

Viewed

Financially Speaking

Do You Need a Prenup?

Find out how to discuss prenuptial agreements before you propose

In other words, the subject is delicate. Talk to the lawyers who did your wills (you have wills, right?). They’ve seen lots of prenups, and will have ideas that help resolve conflicts. As a general rule, you and your soon-to-be spouse should use separate lawyers, to be sure that you’re getting independent advice. I confess, however, that I broke this rule. My husband and I share a lawyer we both trust. We negotiated our prenup in consultation only with her, and think we each got fair representation.

Whatever you do, be sure the agreement meets your state’s legal requirements. You must disclose all your income, assets and debts. You might need two witnesses. A signature can’t be coerced. If you meet all these tests, the prenup is virtually impossible to break in court. Note that the law doesn’t care if the deal is unfair, as long as you signed freely. If you’re presented with a grossly unfair, take-it-or-leave-it deal, put your plans on “pause.” It might be smarter not to get married.

Some financial issues can’t be resolved in a prenup. For example, take nursing-home expenses. If the ill spouse applies for Medicaid, the state will count certain income and assets held by both of you when determining whether to pay. The spouse at home might end up shouldering some of the nursing-home bill, no matter what the prenup says. You might also be responsible for each other’s medical bills and certain other essential expenses, even if you hold your money in separate accounts.

The money in your Individual Retirement Account goes to your named beneficiary, no matter what it says in the prenup or will. If you want your new spouse to get some of this money, you have to change the legal-beneficiary document.

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

Advertisement

The Cheap Life

Jeff Yeager Cheap Life Ultimate Cheapskate AARP YouTube web series save money

Catch the latest episode of The Cheap Life starring Jeff Yeager, AARP's Ultimate Cheapskate. Watch

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

member benefit aarp financial service auto insurance

AARP® Auto Insurance Program from The Hartford offers members no-cost quotes.

AARP Credit card from Chase

Members can get cash back rewards on purchases with the AARP® Credit Card from Chase.

Woman holding smartphone in city, Google map tool

Members can find discounts on the go via the AARP® Member Advantages Offer Finder app.

Member Benefits

Join or renew today! AARP members receive exclusive member benefits & affect social change.

Advertisement

Advance your skills. Transform your career.

Explore your learning possibilities.