Millennials are marrying later than previous generations, and many have added an additional factor before getting married: a prenuptial agreement. While prenuptial agreements have been common for decades, they were more often used by celebrities and those with children from prior marriages. Today, millennials without children are entering prenuptial agreements before their first weddings. Each person must hire their own attorney when it comes to crafting a prenuptial agreement.
Because millennials are marrying in their 30s, they may have accumulated assets on their own that previous generations did not have. In the past, women usually did not make nearly as much money as their husbands, but modern millennial women often earn the same amount or more than their prospective spouses.
Approximately one-third of millennials grew up in single-parent households for part of their childhood, and that also affects the way they approach money matters. These men and women understand divorce could happen to them, and they want to protect themselves. They may have witnessed firsthand an unfair distribution of the marital assets in their parent’s divorce and want to ensure the same thing does not happen to them.
While prenuptial agreements are rising among millennials, not everyone needs one. Those who should consider a prenuptial agreement prior to marriage include the following situations:
While the majority of prenuptial agreements refer to finances, the agreement can address other issues. For example, the agreement may state that one spouse will stay home after children arrive, or that the children are raised practicing a specific religion if the spouses are of different faiths. A prenuptial agreement, however, can never deal with child custody or future child support issues.
If you are planning to marry, you may want to consider a prenuptial agreement. For a free consultation, contact the experienced Monmouth County prenuptial agreement lawyers at Fox & Melofchik, L.L.C. today. Call us today at 732-493-9400 or complete an online form. From our office in Eatontown, New Jersey, we serve clients throughout Monmouth County, Ocean County, Middlesex County, Mercer County, Ocean Township, Fair Haven, Eatontown, Red Bank, Tinton Falls, Shrewsbury, Middletown Township, Wall Township, Sea Girt, and Spring Lake.