Why more people are signing prenuptial agreements

| Aug 28, 2020 | Divorce |

Couples who are getting married should want to stay out of Minnesota courts in the event that their marriage does not succeed. They can minimize the chances that they end up in costly and bitter litigation by negotiating and signing a prenuptial agreement. This can take some stress and uncertainty out of divorce.

Why a prenuptial agreement might be needed

 

While some couples recoil at the thought of negotiating the terms of a divorce before they are marries, this is necessary to protect both future spouses. If either one of them brings assets into the marriage, they can be at risk when the marital estate is divided. When marital assets mix with assets that a spouse had beforehand, it makes them part of the marital estate. Accordingly, they can lose some or most of this money.

One group that understands this is millennials. They are opting for prenuptial agreements in greater numbers because they have more to lose. Millennials are waiting until longer to get married. As a result, they are more established at their jobs and have more money in the bank. They sign prenuptial agreements to protect what they have. Also, they do not want to go through the same bitter divorces that they may have seen from their parents. Millennials are leading a collective rethinking of prenuptial agreements as they have lost much of their stigma from the past.

 

Separate legal counsel is necessary

Before marriage, people should consult with a prenuptial agreements attorney to learn more about how they can negotiate a contract to protect themselves before marriage. The lawyer could ensure that drafting and signing this agreement is a smooth process that does not rupture the relationship between the two partners. Talking about money is difficult before the wedding happens, and an attorney could make the entire process easier. To avoid problems down the road, each party should have separate counsel.