According to the results of a survey conducted by the American Academy of Matrimonial Lawyers, over 50 percent of responding attorneys stated that they have noticed an increase in prenuptial agreements among millennials. A prenuptial agreement can be used to protect individuals’ assets should their marriage in end divorce.
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.