Are you a lovestruck millennial with wedding bells ringing around the corner? If you are, did you sign a prenup? Susan Shain from the New York Times has done the research regarding millennials and prenups. She's telling readers all about the necessity of a prenuptial agreement for the millennial generation.
Millennials are different from past generations. Women and men are both taking the role of the bread maker and they're viewing a prenuptial agreement as a team.
I think it's because they both want to protect their independence and what they've been working for.” – Madeline Marzano-Lesnevich, President of the American Academy of Matrimonial Lawyers.
Who Are Prenups Good For?
Although it may seem like a prenup is a “divorce contract,” many legal and financial experts view it as a smart business move.
You may want a prenup if you or your partner:
- Own property or a business
- Have children from a previous relationship, or have been married before
- Plan to take time off to raise children
- Hold significant debt
- Have robust retirement accounts
- Will receive stock options during your marriage
In some states, marital assets are divided equitably- but not necessarily equally- in a divorce. Individual assets will remain separate after you marry, future contributions and appreciation will usually be considered marital property.
Talk to Your Partner, Sooner Rather Than Later
Do you think a prenup might be up you and your partner's alley? Here's the first step:
- Timing when approaching the topic with your partner
- Don't try to hide or avoid it
- Explain this is the means of protecting yourselves, & any future children from the emotional and financial expense of a messy divorce.
Assess Your Finances
Hire a lawyer to assess your finances:
- Bank & Investment Accounts
- Tax Returns
- Insurance Policies
It's also always a good idea to review your finances, especially before your merge your life with someone else's.
Decide What to Include
The contents of your prenup vary depending on the situation, however, the top 3 topics include:
- Protection of Separate Property
- Division of Property
Again, this varies on your marriage and what you wish to remain separate. One thing you MUST omit are the issues of custody or support for future children. Those decisions are made in the best interest of the child at the time. But, custody of pets is a different story.
Hire Legal Help
If you didn't hire legal help in the beginning but you're ready to make it official then call up a lawyer. It's not cheap, but it's best to have a set of legal eyes to ensure the protection of your prenuptial agreement.
Pop Some Champagne
As long as you work with your fiance as a team, a prenup can bring you closer together, rather than further apart. Even if you decide against creating a prenup, you should still celebrate because the open conversations you've had about money will undoubtedly benefit your relationship.
You can help protect the romance by taking care of the finance.” -Charley Moore, founder and chief executive of Rocket Lawyer.
For more information regarding prenuptial agreements between you and your future spouse contact David Veliz at Veliz Katz Law. Read the full article from Susan Shain here.