Are you a so-called “Millennial”?
Specifically, are you a comparatively younger person who has maybe been out of college for a few years, already saved some money from a promising career and is now contemplating marriage?
If that describes you (as it does legions of other California residents), it’s likely that you have also given thought to a family law legal instrument that has garnered considerable attention over the years.
Namely, that is a prenuptial agreement. A prenup serves as a binding contract between marrying partners concerning key asset distribution in the case of a divorce.
Unsurprisingly, prenups are not routinely viewed dispassionately. In fact, they have been portrayed by some commentators as the enemy of love and a catalyst that promotes marital distrust at the expense of harmony.
One recent in-depth article on premarital contracts accurately stresses, though, that a prenup-as-taboo view now spells a mindset that was far more prevalent “in the past.” Widely sourced empirical findings underscore presently the strong neutral dimensions of well-crafted prenups and the broad-based utility they confer for couples seeking to promote clarity and security in the future – however that might unfold.
One family law expert notes from long experience that virtually any divorcing individual “can benefit from the clear and efficient division of property that a prenuptial provides.”
What makes Millennials collectively enlightened re prenups?
First of all, the clear evidence that Millennials are comparatively receptive to self-education regarding prenuptial contracts should be duly noted. More than half of all respondents in a recent study authored by the American Academy of Matrimonial Lawyers cite a marked spike in Millennial clients executing such contracts. Their reasons for doing so are varied. They include these motivations:
- Appreciable pre-marriage assets accumulated owing to marriages often commenced much later than was typically the case for former generations
- Entrepreneurial mindsets (many younger-somethings stress interest in business creation and investment)
- Careers that are already established and flourishing prior to marriage
- Separate wealth (e.g., family business, inheritance) that merits safeguarding
- Disinclination to become vicariously liable for a partner’s debts
- Desire to protect assets for the future use of third-party loved ones (for example, children from a former union
Collectively, the bottom line for high numbers of Millennials — males and females alike — as contrasted with that of other demographics is that they are marrying later and bringing more assets into a marriage. Many have business aspirations and a keen appreciation concerning the merits of addressing and mitigating risk through the execution of a tailored agreement.
A proven family law legal team can help promote key planning goals through close consultation and quality contract execution.