Who needs a prenup? Millennials do!

Prenups used to be considered something only fabulously rich people did prior to getting married. While that demographic group definitely still drafts these agreements regularly, perhaps surprisingly, so are more and more millennials.

The American Academy of Matrimonial Lawyers discovered that millennials are seeing the wisdom behind the agreements. Many already have their own premarital monies they want to protect, and some have embarked on lucrative business ventures prior to walking down the aisle. They know that as the business grows during the marriage, that growth will become a marital asset unless otherwise specified in an airtight prenuptial agreement.

But there are still some couples who balk at the prospect of addressing the prenup issue, perhaps out of fear of jinxing their marriage before it even begins. However, a prenup can actually provide security to a marriage, because it eliminates the uncertainty factor. With a signed and notarized prenup, both parties know the terms and the other spouse’s position in the event of a divorce.

Still need convincing? Consider the following:

— Your intellectual property will be protected. Creative endeavors can be difficult to valuate. Can you put a price tag on a brand? What about a patent? With an ironclad prenup, you won’t have to.

— If divorce does become necessary, a well-crafted prenup can save you tens of thousands of dollars in litigation.

— Your prenup can require a predetermined number of sessions of marriage counseling before the divorce can be granted. While this may seem burdensome to those who want to opt out of their marriages, it can actually save marriages by resolving thorny issues.

Whatever your reasons for getting a prenup, both parties should have their individual attorneys review the document before signing it.

Source: Bustle, “More Millennials Are Seeking Prenups, And Are Reasons To Consider One,” Kristine Fellizar, Nov. 01, 2016