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Premarital contracts are popular among millenials

Weddings in St. Clair Shores, Michigan, are popular events, as friends and family members gather to watch happy couples pledge eternal devotion to each other, giving oaths to live together as husband and wife til death do they part. Often, however, those impressive vows are superseded by other considerations, and the marriage only lasts until divorce do they part. Due to that undeniable fact, many wise millennials are protecting their futures by getting a premarital contract before they start planning a wedding.

The American Academy of Matrimonial Lawyers, citing a recent survey, says that half of the attorneys who were respondents in the survey reported an increase in the total number of millennials who requested a premarital contract prior to getting married. Many millennials, whose own parents divorced, see it as a very practical thing to do in order to establish clear legal guarantees for both of the people getting married.

Additionally, many millennials marry at an older age, which tends to mean that they have more money and possessions to protect and want a premarital contract to make sure that they will keep their own money and possessions if the marriage ends in a divorce. Their assets, by the time they want to marry, may also include real estate, stock or a 401(k). A well-written premarital contract, casually referred to as a prenup, can protect all of that, resulting in profound peace of mind for the couple starting a marriage.

Of course, every premarital contract needs to be based on full and open disclosure of all assets and liabilities of both people getting married. Every premarital contract should also be reviewed by an attorney, and possibly by an attorney for each member of the couple if that is viewed in their state as affecting its validity, which is often the case. Couples can sit down and look at the life they plan together, realistically looking at what they want, at what they have and at what they expect to have in the future, and make a premarital contract a valuable part of that.

Source: CNBC, "Before saying 'I do,' more millennials say 'prenup'," Jessica Dickler, accessed Nov. 14, 2017

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