Pennsylvania residents may know that prenups have long been used to ensure that the division of marital assets is fair. While anyone can enter marriage with assets to protect, Millennials seem to have decided that this tool is definitely in their best interests.
According to the American Academy of Matrimonial Lawyers, increasing numbers of Millennials are signing prenups. Out of the 1,600 AAML members, 61 percent indicated the number of Millennials seeking prenups is up over the previous three years. This increase is partly due to the way Millennials are entering matrimony.
Many Millennials are choosing to get married at a later age, which means that they are taking assets into the marriage that one or both partners accumulated prior to tying the knot, such as family inheritances or businesses. A favorite business endeavor for Millennials is a startup. While a startup may begin with an idea, growth may take years to happen. If a Millennial is at the beginning of pursuing a startup, growth may happen during the course of the marriage, and a prenup would be a good way to protect the owner's assets.
The AAML president stated that the increase reflects the Millennials' property ownership as well as their involvement in businesses prior to matrimony. Besides protecting intellectual property, some Millennials are choosing to include marriage counseling clauses in the contract. For instance, before a couple can get divorced, they must first attend at least six months of marriage counseling.
A couple considering obtaining a prenuptial agreement might benefit from the advice an attorney. A lawyer may explain the elements of a prenup and help configure what is needed on a case-by-case basis. This might increase the chance the prenup will cover all necessary aspects, including alimony and intellectual property.