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Why prenups are gaining popularity among Millennials

If you are engaged to be married, you and your spouse-to-be understandably have many decisions to make. Certainly many of those decisions will be about your actual wedding day and your honeymoon. However, it is important that you do not put the wedding in the center of everything and ignore your marriage. It is the latter that will—ideally—last a lifetime whereas a wedding is just one day. Despite the unromantic sound of it, talking about a prenuptial agreement is wise for any couple.

After the recent recession, the American Academy of Matrimonial Lawyers notes that there has been an increase in the number of people entering into marital contracts. Prenups seem to be especially popular among Millennials. This demographic is still relatively young and would be less likely to have significant assets yet compared to others. Yet, that is exactly why some attorneys recommend prenups for these couples, notes Refinery29.com.

A prenuptial agreement is about looking ahead, not just at what is in front of you today. You can identify an approach to dividing marital property in the event of a divorce for a time when you do have assets to split. This could include bank accounts, retirement accounts and even business assets. If one spouse plans to put a career on hold to raise children or to support the other spouse through school, these could be critical points for a prenup.

You can learn more about prenuptial agreements in Illinois by visiting the marital contracts page on our website.

 

 

 

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