Millennials tend to stay independent longer and therefore marry later in life. By the time they marry, they may have achieved some measure of financial success, and may look for a way to secure their earnings in the event the marriage does not last. Prenuptial agreements are the logical answer, especially for those who grew up as a child of divorce and experienced a complicated division of marital assets.
This protection of separate property is one of the main reasons that millennials seek prenuptial agreements. With regards to debt, unless the spouse is a cosignor or jointly liable on the debt, that spouse is not liable for the debts of the other spouse. However, when dividing marital assets a court could look at the debt that each spouse has in their own name.
Another factor prompting millennial prenuptial agreements are family businesses. If a young person getting married for the first time stands to inherit a family business, assets, trust, or foundation, their family may be the one asking for the prenuptial agreement. This is a way to ensure that a business stays in the family without any interference from the outside. The same principle may apply to anyone working in a partnership, such as a law firm. The firm may ask the partner getting married to obtain a prenuptial agreement to avoid any non-partners owning a stake in the practice.
Benefits of Prenuptial Agreements
While it may not be terribly romantic for couples to undertake the process of preparing and signing a prenuptial agreement, the practicality of the document cannot be denied. It means that financial issues are on the table and have been thought out, discussed, and common ground has been achieved. When a marriage without a prenup ends, a judge makes the decisions about the division of marital assets.
Prenuptial agreements are not just for millennials. There are many situations in which it should be considered, including:
If the marriage is not the first for one for both spouses
If one person has significantly more assets than the other
If there are children from previous relationships
If one spouse stands to inherit a large sum
If one spouse has agreed to give up their career to take care of the family
If one spouse has agreed to support the other so he or she can return to school for advanced degrees or other professional training
It should be noted that a prenuptial agreement must contain a full disclosure of all financial information. This includes bank accounts, business interests, property, financial assets, and liabilities. A prenuptial agreement does not have any legal bearing on issues regarding children, such as visitation and custody rights, or child support. Drafting a fair and enforceable prenuptial agreement is best done with both parties using experienced family law attorneys with knowledge of the complexities of Maryland law.
Towson Divorce Lawyers at Huesman, Jones & Miles, LLC Assist with Prenuptial Agreement IssuesThe experienced Towson divorce lawyers at Huesman, Jones & Miles, LLC can assist you with drafting a prenuptial agreement and all your premarital legal needs. Call 443-589-0150 for a free and confidential consultation or contact us online. We have offices in Towson and Hunt Valley, Maryland serving clients in Baltimore County, Harford County, Carroll County, Howard County, and throughout the state.