More and more Florida residents are getting married past the age of 50. It is certainly exciting any new couple falls in love and gets married, but from the perspective of a seasoned Florida divorce lawyer, it’s always best to take precautions before and during marriage to prevent the threat of a difficult divorce process. One of those precautions might relate to signing a cohabitation agreement.
Older couples tend to have more assets, including real estate properties, higher incomes and, sometimes, higher expenses. Let’s say, that one of the spouses decides to move in with the other spouse — who is the original owner of the residence. The spouse who moved into the home will want to ensure that his or her interests in the property are preserved.
For example, if one spouse’s name hasn’t been listed on the deed for the home, then homeowners insurance might not cover that spouse’s property. Also, the spouse whose name is not on the deed may not be able to deduct mortgage interest on his or her tax forms. There’s also the risk that if the marriage comes to an end, the spouse whose name is not on the mortgage might not have a legal right to the property — even if he or she contributed money to paying for the mortgage and other costs.
For the above and other reasons, family law attorneys often recommend that Florida couples sign a cohabitation agreement, in addition to their marriage license. Not only is a cohabitation agreement good for protecting one’s interest in a home, but it also serves to provide a point of organization for investment accounts, real estate and other possessions in the event of a death or divorce. If you or your spouse have questions about cohabitation agreements and spouses over the age of 50, an Orlando family law and divorce attorney can help.
Source: Kiplinger, “The Financial Pros and Cons of Getting Married Later in Life,” Sandra Block, accessed April 21, 2017