Ever since the Great Recession, I have seen a dramatic increase in prenups– especially among young couples that have never been married before. While they may not have much to protect at this time, they are a forward-thinking group that want to protect future interests, reduce the risk of money arguments going forward, and minimize any losses. Here are the top reasons Millennials ask me to draft their prenuptial agreements before exchanging their vows:
1. What’s Separate? They want to define what will be kept as separate interests, including perhaps student loans, a family business, or any gifts and inheritance they may get in the future from family;
2. What’s Joint? Clarify what will be joint or marital assets, sometimes by simply stating that title will control;
3. Ongoing Support? Many want to limit their exposure to alimony, if not with a complete waiver then at least with caps on amount and duration;
4. What’s Premarital? To avoid arguments later, a prenup can easily memorialize each party’s premarital property, including the current amounts invested in 401(k)s or other investments; and
5. Who Moves Out? Rather than have a War of the Roses scenario where no one is willing to move out, a prenup can establish a wind-down provision in the event of a separation, including at least a 60 day notice before one party moves out and outline the process for selling a jointly owned home within a specified timeframe.
Any and all of these reasons are worth putting pen to paper and having a matrimonial attorney memorialize your agreement with your future spouse. No longer for just the rich and famous Hollywood types, these contracts are actually quite common today, and thankfully they have become relatively straight forward and inexpensive. So I think it’s safe to say this trend is sticking around.
By Regina A. DeMeo, Esq.