It is a fact that people are waiting longer before getting married or even choosing to be in a committed relationship without getting married. However, love is a fickle concept that sometimes strikes for couples not finished with their undergraduate or graduate studies. Oftentimes these students live on shoestring budgets, but a prenuptial still may make a lot of sense.
Prenuptial agreements used to be an unthinkable subject - one that when broached, created emotional conflict or bad feelings between soon-to-be-spouses. But thanks to a younger generation, they've become more commonplace and less taboo.
There are many reasons for couples to create a postnuptial agreement, but the most common is to smooth over or formalize an issue that is a source of tension in the marriage. With financial issues being a top reason of why a marriage ends in divorce, often these documents address financial matters.
Many couples prepare for their new marriage by drafting a prenup agreement. The reasons for doing this are as unique to the circumstances of the people involved, but the idea is to start the new union off on with a strong understanding of the financial assets and obligations.
One sure sign that a couple was getting married used to be that they would open a joint bank account. The thinking was that it easier to run household when there a joint account to pay the bills, but symbolically it was also a show of commitment or loyalty where they now shared everything regardless of where it comes from. A recent study by Bank of American, however, polled 1,500 customers and found that the joint account is no longer a given for couples, particularly among millennials.
Attorney Laurie Israel has practiced law for 30 years. She started as a tax lawyer, then went into general practice and concentrated on family law and estate planning. About 10 years ago, she published an online article entitled "Ten Things I Hate About Prenuptial Agreements." The piece went viral on the internet because an attorney hadn't written an article like that before.
In a divorce, your partner and their attorney will almost certainly fight for as much property, money and other assets as possible. If you are not careful, they could succeed, leaving you financially devastated. One of the best ways to prevent this scenario is by signing a prenuptial agreement.
If you are getting married, you have probably thought about whether to get a prenuptial agreement. Many people dislike the idea of prenups because they seem like unromantic contracts that anticipate a divorce. This concept is actually a very new, modern take on prenuptial agreements. Marital contracts, or what we now know as prenuptial agreements, are vital documents that have in fact been around for several centuries.
You probably know that prenuptial agreements are intended to protect a couple’s assets in the event that they divorce. In a prenup, the spouses and their attorneys set forth the terms by which the couple’s property will be divided after they split up.
A recent survey shows that prenuptial agreements are more popular than ever for an unexpected demographic—millenials. The survey was conducted by the American Academy of Matrimonial Lawyers, which polled a swath of its member attorneys. According to the poll, over 50 percent of attorneys have seen an increase in millennial clients who request prenups before their marriages.