ALLENTOWN, Pa. - We already know millennials are getting married later in life, and now new research shows they’re approaching marriage in a more practical way. More than half of the attorneys polled in a recent survey of the American Academy of Matrimonial Lawyers cited an increase in the number of millennials requesting prenuptial agreements.
For some people, planning out your finances in case of a divorce feels like planning for a doomed marriage. For others, it’s about getting on the same page about your future.
Prenuptial agreements have always been considered a good idea for couples in second marriages or blended families, or for those who want to protect a business, family gifts, or an inheritance.
But now millennials in particular, are entering into marriages later in life, which may mean they have more to protect in the event of a divorce.
And now 74% of marriage contracts reviewed include a clause on how a partner might be compensated for leaving the workforce to care for their children. Other common items are protection of separate property, division of property and inheritance rights.
Couples aren't just bringing assets to a marriage these days. Prenups, which safeguard individual assets like retirement accounts, real estate and investments, can also cover one partner's student loan or credit card debt.
You may be at a point in your lives where you don't yet know the answers to some of the issues in a prenup, but many of them will come up eventually. Lawyers always recommend prenups, but if it’s too late for that you can sign one after you are married, it is called a "postnup". Just be warned that after you are married you have much less negotiating power!
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