The president of the organization states that millennials differ from past generations when it comes to how prenuptial agreements are viewed. Millennials tend to view prenuptial agreements as part of a business deal.

Considering prenuptial agreements as business deals is not surprising as many people consider marriage to be a contract. It is not unusual for individuals to want to protect the assets that they bring into the marriage, such as a business that they own. Individuals may also not want to be saddled with the debts their spouse incurred, such as student loan debts, before they were married.

In the past, prenuptial agreements were recommended mainly for men who had substantial assets or to parents who wanted to safeguard assets intended only for the family. However, both women and men of the millennial generation want to be able to protect the assets that they have accumulated. In addition to detailing what should happen if a marriage ends, prenuptial agreements can also be used to stipulate who will be paying household expenses.

An attorney who practices family law may assist clients with negotiating and drafting prenuptial agreements to protect their interests and rights. The attorney may recommend how certain liabilities incurred during a marriage should be allocated if the marriage ends. Counsel may be provided regarding how to divide assets that have accumulated during a marriage. If necessary, the attorney might engage in litigation to enforce the terms of a prenuptial agreement.

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Parents should talk to their kids about prenuptial agreements before going to college. While this age may seem young, there are many reasons why the teen years could be an acceptable time. Since a typical high schooler has not yet found their future spouse, they could learn about the benefits of prenuptial agreements before getting involved in a serious relationship. Going in with the knowledge of what a prenuptial agreement does also makes one more likely to understand their rights when it is time to get married.

Ultimately, parents should let their kids know that prenups are not a bad thing. The fact is that roughly 50 percent of marriages do end in divorce. A prenup can make the divorce process much easier as marital assets and separate assets will already be identified. Furthermore, parents should have a discussion with their children about protecting themselves, especially if they will be inheriting any of their parents’ assets or wealth.

Prenups are not about just protecting one person. They are designed to protect both spouses. This means that there are certain procedures that must be followed for prenuptial agreements to be valid, such as both individuals signing the prenup willingly. A family law attorney can help a client draft a potential prenuptial agreement to ensure that it meets the requirements of the state.

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When approaching this subject with their adult children, parents should be aware that their children will be required to make a full disclosure of all the assets they own. In some cases, this may be the first time that the children have a complete understanding of the family’s financial situation.

One legal expert advises that parents should begin discussing the importance of prenuptial agreements with their children when they have reached their late teenage years or their early 20s. The discussion about family finances can be more effective when it takes place before the children give serious thought about getting married. Approaching the subject early-on can also avoid situations in which one may think that the completion of a prenuptial agreement is because of a specific potential husband or wife.

In situations in which the family’s wealth or business is spread over multiple generations, the subject of a prenuptial agreement can be addressed in terms of protecting the family’s legacy. Instead of ownership, the stewardship of the wealth to ensure that future generations will have the assets would be the main focus of the conversation.

There may be cases in which the children of wealthy parents are steadfast against a prenuptial agreement. However, there are other legal devices, such as trusts, that parents can use to protect the assets that will belong to their children.

An attorney who practices family law may protect the interests and rights of clients who want to complete a prenuptial agreement. The attorney may oversee negotiations regarding the terms of the agreement.

The post Wealthy children and prenuptial agreements first appeared on Sacramento Divorce Lawyer.

You could also be more likely to have a prenuptial agreement, according to recent statistics. If you are considering this as an option, then you should know what you likely can and cannot protect with a valid prenup.

What you can include in your prenup

One of the basic purposes of a prenup is to protect separate assets as such, though you can protect other items as well. For instance, you might also address:

• Increase in value of separate assets
• Business interests
• Anticipated inheritances
• Student loans and other debts
• Assets for children of previous relationships
• Family heirlooms
• Some marital responsibilities
• Spousal support expectations

What you may want to leave out

While your prenup should fit your specific needs, there are some items that cannot be enforced. The following issues and terms could invalidate an agreement, so it is generally wise to leave them out. 

• Child support
• An agreement to give up rights to spousal support
• Grossly unfair terms
• Incentives for divorce
• Illegal provisions
• Personal preferences

If these are the items you would want to protect with a prenup, then it may not be right for your case.

However, if you have assets that a prenup can protect, it can be crucial to at least consider the possibility of having one. While they may not be the most romantic agreement a couple can make, they can provide the type of protection millennials often appreciate.

Making sure your agreement is enforceable

Determining whether you need a prenuptial agreement is only the first step in protecting yourself and your future in the event of a divorce. You will also want to ensure any agreement you do have is effective. To this, you can work with a family law attorney who can help you draft a valid agreement and avoid any mistakes that could potentially jeopardize the enforceability of the document. 

The post Millennials considering prenups: what to include, leave out first appeared on Sacramento Divorce Lawyer.