Unlike past generations, the young adults of today have vastly different concepts about marriage. One way in which they differ is in their opinion of the importance of prenuptial agreements. Their parents and grandparents may have reserved these contracts for the very wealthy or those with considerable assets to inherit. In contrast, millennials in Florida and across the country are using prenups more frequently because of changes in their circumstances and in their overall view of marriage.
Many young people are postponing marriage to complete their educations and establish their careers. In fact, more than 70 percent consider career advancement a more urgent priority than marriage and children. As a result, when millennials finally decide to tie the knot, they may have some savings, investments and even real estate that they bring into the marriage as individual assets. They may also carry considerable student loan debt.
For those entering marriage, the desire to protect their assets and avoid taking on their spouses’ debts is critical. They may have seen their parents go through divorce and understand the value of preparing for the possibility in their own lives. In fact, fewer than half of millennials even list marriage among their life goals, and some family law advisors wonder if today’s young adults have the same commitment to their marriages that their grandparents may have had.
Well-structured prenuptial agreements can provide many protections for millennials or others who are concerned about the prospect of commingling their assets in marriage. In addition to maintaining separate property, a pre-marital contract can establish guidelines for dividing marital property, protecting inheritance rights and navigating other financial issues, such as compensating one spouse who sacrifices his or her career to stay home with the children. To learn more about how a prenup can work in their own relationships, many in Florida seek the advice of an attorney.