Most people think of a prenuptial agreement as a legal document for younger people with a valuable family trust fund to protect or some older person thinking about going into their second or third marriage. The need for a prenuptial agreement was also understandably less common in years past because people a generation or two ago entered marriage much younger and with far fewer assets to consider.
Millennials who marry later in life today are, however, much further along in their careers and expanding their opportunities to accumulate wealth. Most are also entering marriage as property owners and have retirement plans. It is, consequently, more important than ever for today’s generation of young professionals to consider developing a prenuptial agreement with the person they choose to love and marry.
Many Millennials are adapting. There has been a fifty-one percent increase in the pre-marriage contract in the last ten years. The most commonly reason cited reason for obtaining a prenuptial agreement is to ensure the mutual protection of separate property. The prenuptial agreement is also getting a face lift today as a “worst case scenario” contract. Just like a Will or a Power of Attorney, the agreement is increasingly being considered as an early legal planning tool before anyone asks, “What if?”
Developing prenuptial contracts can also help couples discuss their career paths, plans for children, and other important life goals. Triangle Divorce Lawyers wishes all newlyweds the best the future has to offer. We provide legal counseling services to help you and others along this exciting time in your life. Please contact us for legal advice when you decide to marry. Best wishes for a healthy, happy marriage.