Prenuptial agreements are more commonplace for couples of all ages than they were even a few decades ago. Over 40% of Gen Z couples still in their 20s have them, according to some research.
In community property states like California, a prenup can override the distribution requirements for marital property required by the law. That can be particularly important when one spouse has considerably more assets and a higher income than the other.
Prenups can also be an important protection for family assets that a spouse may inherit during the marriage. While inheritances are typically not subject to community property division if they remain separate, it’s easy to unintentionally commingle them with marital assets, which can help the non-inheriting spouse lay claim to some of them in divorce.
How you go about addressing the matter with your child, however, is crucial. If you’re too insistent or heavy-handed, your child may resist getting one. If you (or they) pressure a future spouse, any resulting prenup could be ruled invalid. Here are a couple of other things to remember about parental involvement in a prenup.
Talk about prenups with your child before they need one
Have the prenup discussion before there’s a potential spouse in the picture. This way, it’s not seen as an attack on their partner. You can just present it as something that needs to be done to protect the family assets.
It’s also wise to make sure your child knows what kind of assets are at stake so they can address them in the prenup. What you can’t do is get involved in the writing or negotiating of the agreement.
A prenup has to be fair to both parties
Remember that there should be something in a prenup for both spouses. There’s no reason for your child’s future spouse to agree to one unless it protects or benefits them as well. Maybe they have their own family assets to protect. Perhaps they want to ensure that if they’re the lesser-earning spouse, they’ll get a fair division of property and spousal support if the marriage ends. That’s why both parties need their own legal guidance when developing a prenup.
If your child and/or their future spouse won’t get a prenup, there are other ways to protect your assets and still allow your child to inherit them. If you have questions or concerns about your child’s prenup, whether it’s far in the future or there’s an upcoming marriage, you can learn more by seeking legal guidance.