A lot of New Jersey residents are doubtless tired of hearing the news items about how the millennial generation is supposedly killing various things, like golf or napkins. Family law attorneys, however, have noticed a trend among younger people. They have reported an increase in millennials’ use of prenuptial agreements.
A family law attorneys’ professional association polled its members and discovered that 51 percent of them have noticed an increase in prenuptial agreements among millennial couples. According to the group, these prenups commonly cover the areas of property division, spousal maintenance and protection of separate property.
What’s up with the resurgence of prenups? Some think that it may stem from the trend among young professionals toward concentrating on their careers before getting hitched. Thus, they bring more assets to their marriages and they would like to protect their investments in case the marriage doesn’t work out. A high-asset divorce can have unanticipated consequences without a prenuptial agreement.
Prenups are not necessarily for everyone. Many people consider them to be unromantic. But many spouses have benefited from the use of prenuptial agreements to protect their interests. For established couples, prenuptial agreements might even facilitate a marriage because property division is one fewer thing they have to worry about going in.
A prenuptial agreement sets forth the property and financial rights of each spouse in the event of a divorce. Many prenuptial agreements can be complex, especially if there is real estate or privately held companies involved. A family law attorney can be a great resource for a spouse or a couple seeking to write a prenuptial agreement.