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High asset millennial couples may benefit from signing a prenup

Many Massachusetts couples decide to sign prenuptial agreements before getting married in order to protect their assets in the event of a divorce. Property division is often the most complex part of a divorce and having an agreement in place ahead of time can make things much easier. Even "millennials," who are waiting longer to get married than other generations, are playing it safe when it comes to their finances. Many of these young people have built businesses and purchased properties and want to make sure they will hold on to those things even if their marriages end.

A 2016 survey by the American Academy of Matrimonial Lawyers finds that 62 percent of divorce lawyers in their trade organization saw an increase in prenups over the past few years. Over half of these attorneys noticed that more millennials were seeking these agreements.

In the past, most people used prenups for estate planning purposes when one spouse had significantly more money or assets than the other did. However, nowadays, even couples that are more financially similar are filing prenups to protect their future incomes. In addition to protecting future income, prenups can also be a useful tool to split up debt loads. Many young couples have a significant student loan debt between them and a prenup can specify who is responsible for paying that debt if they were to break up.

Another option for couples is signing a postnuptial agreement once they decide to invest in properties or other assets. A postnuptial agreement is signed after marriage and  can detail how to divide up investments if the couple breaks up. If you and your spouse have assets to protect, it may be in your best interest to have an agreement in place just in case you divorce.

Source: The Washington Post, "Why you're more likely to have a prenup than your parents were," Jonnelle Marie, Aug. 4, 2017

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