Millennials often say that it is more difficult for their generation to get a job, buy a house and secure their financial future.
Perhaps this is the reason attorneys are reporting an increase in prenuptial agreements among millennials that want to protect that future.
A survey among the American Academy of Matrimonial Lawyers found that over half of these professionals were seeing an increase in the number of millennial prenuptial agreements they were drafting.
This indicates that more millennials are understanding these agreements are contracts, but not seeing them as the divorce contracts they were once thought to be. While once people may have thought that these agreements were counting on a divorce, millennials do not seem to think that way.
“The truth is, marriage is a contract,” said Brian W. Reidy of Reidy Law Office LLC. “It is just one that many do not realize they are entering into at the beginning of marriage. The state will determine what each spouse receives in the event of a divorce. Having a prenuptial agreement just allows those involved in the contract to have a say in its final terms. It’s a great move for many millennials.”
It is true that every couple should have several conversations about finances before getting married. Each person should understand the other’s debt, income, assets and more, as it will affect their financial future.
Each person also has the right to protect the things they bring into the marriage.
While a prenuptial agreement may not make sense for every couple, it should at least be considered by all. Those that decide on a prenuptial agreement should always seek the advice of a family lawyer. Each spouse will also need to have their own lawyer that will represent their interests while the contract is drawn up.
Many millennials are finding that love and marriage are of course, very romantic things. At the same time, they are looking for ways to secure the financial future they worked so hard for.
Having a prenuptial agreement beforehand is helping them do it.