Millennials are seeking prenuptial agreements in larger numbers than previous generations, according to a survey by the American Academy of Matrimonial Lawyers. Marrying at a later age than earlier generations, millennials may bring more money into a relationship than their predecessors and might want to protect a business as well. In fact, startups may be particularly vulnerable in a California divorce since the owner might do a great deal of the work while single but see the business appreciate after the marriage. If the couple divorces, then the other spouse might be entitled to half of the company’s worth.
While a prenuptial agreement can address this issues, people are often hesitant to talk about such an arrangement. Divorce can be a difficult subject to bring up when the marriage has not even happened yet, but a prenup can be set up to make the process less likely to happen and less costly if it does. Some prenups require marriage counseling before going ahead with a divorce.
About half of the attorneys surveyed by the AAML reported the uptick in the agreements, and more than 60 percent said that the number had increased in the past three years. A prenup can also ensure that if one spouse dies, any family money or asset goes back to the family rather than staying with the surviving spouse.
Property division determinations in the absence of a prenuptial agreement do not necessarily have to be made by a judge. In fact, many couples find that they are more satisfied with the results of a settlement agreement that they have been able to negotiate with the help of their respective family law attorneys.