It seems that millennials in Illinois and across the country are trendsetters. A great deal of their behavioral patterns are changing many things, including the way people conduct business. In fact, recent reports indicate that the actions of millennials are also changing certain ideas about marriage. For example, prior to their marriage millennials are much more likely to consider property division issues that might arise in a subsequent divorce by creating a prenuptial agreement.
A prenuptial agreement is a contract created between two people before they marry that allows them to predetermine how certain assets and debts would be divided in the event of a divorce. For all couples, choosing to get married is about love and the desire to spend the rest of their lives with each other. However, some argue that marriage is a contractual agreement, and everyone wants to ensure that their interests are carefully considered and protected when entering into a contract.
While some people may think that creating a prenup is about planning for divorce, many would argue that that is simply not the case. Some claim that such planning allows each person to maintain his or her independence while simultaneously planning for their future together. Because many millennials are waiting to marry later in life, they often have more assets and debts to protect and/or separate.
Recently, the American Academy of Matrimonial Lawyers conducted a survey in which over half of attorneys who participated indicated that they had seen an increase in the number of millennials who requested a prenuptial agreement. With an experienced professional can help ensure that their interests — including any businesses they may own — are protected in the event a marriage ends in divorce. As a result, the property division process can be less contentious as many of the decisions were made without the negative emotions that often come with the end of a marriage in Illinois.