Many Millennials Opt For Prenups
A term that is short for a prenuptial agreement, a prenup is a contract between two people who are getting married. Legally binding, the contract outlines how assets and financial concerns will be handled if the marriage were to end. Prenups aren’t for every couple, but some find delineating financial rights to be an essential part of the process of planning for marriage. Now, many millennials are turning to these contracts for peace of mind.
In the past, many people had a negative view of prenups. For some, signing a prenup meant you weren’t taking the union seriously. But over time, people have become pragmatic and are embracing prenuptial agreements. This might be related to millennials marrying later than prior generations and wanting to protect assets they acquired as single individuals. Whatever your reasons for exploring a prenuptial agreement, know there are options available to fit your needs. Talk to a Bucks County family attorney today.
Making Definitions Between Assets
There are many reasons why couples explore the possibility of a prenuptial agreement. One of them is the desire to keep finances distinct. This could be desirable for one of the following reasons.
- One person has considerably more assets than the other person and wants to be sure their wealth is not the basis of the union.
- Because one individual’s income is far higher, they want to be sure there would not be spousal maintenance payments if a divorce were to occur in the future.
- The couple, or one person in the couple, owns a business and a prenup could keep the business separate, ensuring its survival, in the event of a divorce.
- One or both individuals are bringing debt into the marriage.
Debt can reach high levels and there are times when you want to be sure your marital assets won’t be targeted if the union doesn’t last. Within a prenuptial agreement, debt obligation can be clearly outlined. Property ownership and heirlooms can also be part of a prenup. You may want to keep these items or an inheritance separate from the marital assets.
First and Second Marriages
Remarriage comes with its own complexities. If there are children from a prior marriage, for example, a person entering their second marriage may want to have protections in place for the children from their first marriage. Prenups for second marriages can address future desires and prior obligations from the prior union. Asset distribution can be clearly outlined.
There are a lot of millennials who have experienced the divorce of their parents and understand how messy the process can be. For this reason and others, they are choosing to sign prenuptial agreements. To determine if a prenup is right for you, talk to a Bucks County family attorney.
Is marriage in your future? If you need a prenuptial agreement to reduce your worry and stress for the future, connect with a skilled lawyer. The family law attorneys at Kardos, Rickles & Hand help. Our dedicated legal team understands the finer points of family law. There are opportunities to create the life you want. Schedule your consultation today, call 215-968-6602.