Decades ago, most young people who got married who were not independently wealthy from family assets and resources eschewed the idea of signing prenuptial agreements before their weddings. But in recent years, millennials have made an about-face and are signing prenups far more frequently than those of their parents’ generation.
In the past, those who sought prenups often were looked upon as romantic buzz-kills. How could one contemplate the demise of a marriage that had not yet even begun, was a common complaint. But it’s apparent that this generation sees these premarital contracts as less of an affront and more of a protection for both parties.
Attorneys weigh in
Three years ago in 2016, the American Academy of Matrimonial Lawyers (AAML) polled its members. The results showed that more than half of the respondents indicated they had an uptick of requests for prenups from their millennial clients.
The most commonly sought marital contracts cited a need for the following:
- Property division
- Protecting separate property
- Spousal support/alimony
Why this is important
This generational trend reflects millennials’ need to advance in their chosen careers prior to getting wed. Consequently, many millennials have amassed significant separately-owned assets that they want to protect when they marry.
It’s not that they intend for their marriages to fail. They instead recognize the value of what they bring to the marital table and choose to legally protect its ownership in the unfortunate circumstances of a divorce.
Couples of all ages can benefit from prenups
Whether you are an ambitious 20-something embarking on your first marriage or a baby boomer about to walk down the aisle for the second (or more) time(s), prenuptial agreements are handy documents to have signed. In fact, you should not hesitate to discuss this ahead of time with your spouse-to-be ex.
This discussion is very important, as a prenup that is signed under any type of duress, e.g., right before a wedding that would otherwise be canceled, could easily be invalidated otherwise by a court in the event of a divorce.
But a well-crafted premarital contract that has been reviewed by separate attorneys for both parties can lay out the terms of a marriage and the consequences of a divorce. Neither party can later attest that they were misled or unaware of the repercussions should the marriage not go the distance.
If you are contemplating marriage, a Sarasota family law attorney can help you get your union off on the right track with a solid prenuptial agreement.