Not only are millennials getting married later in life but are also getting prenuptial agreements before they do. From using it to strengthen their marriage to creating a safety net for themselves, they haven’t shied away from signing prenups. In fact, there has been a significant increase in the number of millennials opting for prenups in recent years.
Getting married soon? Here’s why you should consider signing a prenup:
To Clarify Your Financial Rights
One of the most common reasons for couples getting prenups is to get clarification of their individual financial rights once they’re married. You can decide how you wish to spend your money and what your financial responsibilities will be after marriage.
For example, if you earn more than your partner and want your income to be utilized a certain way, you can mention this in the prenup. Similarly, you can also determine the ownership of your properties, stocks, investments, bonds, bank accounts, and other assets.
To Avoid Conflicts in Case of Divorce
Many people are averse to prenups because of how unromantic they seem, especially if you just got engaged or are planning your wedding in full swing.
Signing a prenup doesn’t mean you already know that you’ll get a divorce. However, there’s no denying the fact that even the most successful marriages can end at any given point for whatever reason. Isn’t it better to be prepared for such circumstances than suffer disputes and arguments if you are to get divorced later?
With a prenup, you’re compelled to discuss the difficult and uncomfortable topics you’d rather not think about just yet. It may not be the most pleasant experience, but it’s definitely a safe option and comes very handy if a couple chooses to get divorced.
To Pass on Property to Children from a Previous Marriage
If you have a child from a previous relationship, you can use the prenup to decide what shares of your properties and assets are to go to them after your demise. A prenup agreement is a solid way of outlining exactly what you wish to happen to your property and how you wish for it to be divided among your children.
This is important as otherwise the surviving spouse will have claims to most of your property. If you have specific ideas about your wealth and property distribution among your family, prenup is the way to go.
Ledwidge & Associates offer Family Law Services Queens and Brooklyn. Call our team 718.276.6656 for further assistance on prenuptials.
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