Younger generations are changing their tune on how they tie the knot. The old saying goes first comes love, then comes marriage. But many Millennials are putting a prenup in the middle of that phrase. That’s because more of them are getting married later in life. That may be due to burdensome financial strains like a high cost-of-living and student loan debt. Others also saw how young and unprepared their Baby Boomer parents were when they got married.
Treating marriage like a mutual business transaction
Traditionally, marriage was meant to establish a legally binding contract of long-term love. However, Millennials, especially those who watched their parents go through divorce, saw the emotional and financial trauma they went through to finalize their separation. Because of this, many younger couples understand that their marital satisfaction may not last forever and they want to make sure each partner gets what they desire out of the deal. Prenups can be especially beneficial for younger couples that have substantial amounts of debt, own a business or have children from a previous marriage.
What should my spouse and I include in a prenup?
There are certain things couples can and can’t implement in these agreements. For instance, couples can’t enforce provisions regarding child custody or child support, as those situations can change over time. However, these are a few things couples may want to add depending on their circumstances:
- Protections against other spouse’s debts
- Protections for estate plans
- Directions for property distribution if divorce occurs
- Distinctions between separate and marital property
- Protections to keep wealth in the family
It’s better to have a discussion sooner rather than later
Marriage can be an incredible journey for many New York couples. But it’s better to be safe than sorry. By having the proper protections in place, couples can focus more on enjoying their time together and worry about the unexpected when it happens.