Did you know that prenuptial agreements are become more and more popular these days? This is due to the fact that a great deal of millennials are getting them. So why do far more millennials need prenuptial agreements compared to other generations? The answer is a simple one. The vast majority of millennials get married later in life. In essence, they don’t get married until they have already established themselves as adults. That typically means that the typical millennial waits unit he or she is working in a higher paying job before committing to marriage and the possibility of starting a family. Family Law Services – Legal Rights Advocates (yourlegalrightsadvocates.com)
People that work hard and start building wealth before meeting the right person typically want to protect that hard work and accumulation of wealth just in case the marriage doesn’t work out. That being stated, prenuptial agreements can cover more than hard assets. In fact, many millennials are getting prenuptial agreements that are based on protecting intellectual property rights in addition to or even instead of protecting their money. If you’re a millennial who plans on getting married and you’re unsure weather or not you need a prenuptial agreement, the following information will help clarify things for you a bit.
So, without further ado, should millennials consider a prenuptial agreement? First and foremost, it’s important to know exactly what a prenuptial agreement is before you ask your significant other to sign one, your significant other asks you to sign one, or you both mutually agree upon the concept. A prenuptial agreement, also known as a prenup agreement or prenup, is a legally binding document that couples execute prior to getting married. In essence, the prenup is a determining factor in the division of property and the allocation of debt if the marriage ends in divorce.
The prenup also provides protection against the assumption of debt if one or both spouses have accumulated debt prior to or outside of the marriage. In simple terms, the prenup will protect you from being responsible for your spouse’s previous debt if he or she brought that debt into the marriage. The same applies for your spouse if you bring previous debt into the marriage. However, the prenuptial agreement does not usually include any assets or debt that have been acquired during the marriage.
That means if you have gained assets or accumulated debt during the marriage the assets and debt will need to be divided in a manner that is agreed upon by both parties during the divorce proceedings. A great deal of millennials are getting prenup agreements in order to protect the assets that they accumulated prior to getting married including both physical assets and intellectual property rights. Many millennials are also getting prenup agreements in order to protect themselves from acquiring the debt that their spouses have accumulated prior to getting married.
It seems like a prenuptial agreement before entering into a marriage is a good idea. However, there are a few other things to consider when asking your soon to be spouse to sign a prenuptial agreement. For example, a prenup may be perceived by the other person that you don’t trust that the marriage will last. However, it doesn’t need to be that way. In essence, a prenuptial agreement can be a good icebreaker when it comes to the subject of talking about finances and how they can both positively and negatively affect the marriage.
If you would like a prenuptial agreement but are unsure of how your partner will react consider that it is a good way to keep your future marriage healthy. The bottom line is that it protects both parties if you end up deciding to go your separate ways at some point in the future. You certainly do not need to be wealthy in order to have a prenuptial agreement in place. In essence, it allows you and your partner with the option to avoid taking on each other’s current debt once you are married. That in itself can put your mind at ease or your partner’s mind at ease before getting married. https://yourlegalrightsadvocates.com/blog/2018/12/is-my-prenuptial-agreement-enforceable/
A prenuptial agreement certainly is not something to be taken lightly. It is an important piece of the marriage puzzle that goes a long way in determining asset, debt, finances, and property division just in case you end up getting divorced. Although most couples think that they stay married to each other for the rest of their lives, you just never know what ends up happening. https://yourlegalrightsadvocates.com/blog/2018/12/is-my-prenuptial-agreement-enforceable-2/
If you need help creating and executing a prenuptial agreement in the Commonwealth of Massachusetts please contact your Legal Rights Advocates today.
(855) 254-7841
