Deciding to get married is still an exciting event, even though millennial tend to marry later in life than the previous generation did. Whether a person is in their 20's, 30's or 40's, there are many issues to consider. Each spouse brings to the table their own property, assets and debts. Thus, it is vital more than ever to get full financial disclosure before tying the knot. This can cause a marrying couple to consider what is best for them and if it is necessary to protect their assets.
Prenuptial agreements often have negative connotations, as they are very unromantic and could imply that one does not trust the other. However, many millennials today view this agreement a something necessary to consider before getting married. In fact, a prenup is often referred to a divorce contract. Because marriage is a contract, it is one that people should enter into with their protection in mind.
It is more common for spouses to enter into a marriage with student debt along with other forms of debt. It is a lot for another person to take on the debt of another; so many like to protect him or herself from this. Because millennials are getting married later in life they tend to bring more to the table when they get married. Although the laws of the state will govern how property will be dealt with in the event of a divorce, a prenup gives the couple the power to say what this will look like.
Whether you are in agreement when it comes to a prenuptial agreement or are apprehensive about the process, it is important to understand what a prenup can look like. By considering your legal rights, a couple can go through the drafting process and ensure that their rights are properly considered and protected.