Why millennials should consider getting a prenuptial agreement

On Behalf of | May 23, 2024 | Prenuptial Agreements

You might think that prenuptial agreements are only for celebrity marriages and high-profile individuals, but any marrying couple can opt to have one. Prenups date back to ancient Egypt as a way for women to protect themselves and their families should their husbands suddenly die. Inheritance rights were non-existent for women at the time.

This changed for women in New York with the passing of the Married Women’s Property Act in 1848, which gave women the ability to inherit property in the will of a spouse. While this still serves the same purpose it did upon establishment, it is now primarily preemptive, protecting both parties upon the dissolution of a marriage.

Although the evolution of these laws has helped to better ensure women get the property they are entitled to in the event of their spouse’s passing, additional legal tools can further protect either spouse’s interests. One example is a prenuptial agreement.

What is a prenuptial agreement?

A prenup is a contract between two people before they get married. It usually lists assets and debts of both parties and may resolve financial aspects of a divorce, including alimony and division of assets. It also usually defines who gets what after the marriage.

A prenup does not resolve matters involving custody.

Why should millennials get one?

If you are a millennial planning to tie the knot soon, you and your partner might want to look into getting a prenup. Below are a couple of the reasons you might want to consider:

  • One or both of you might have high student loan debt: Student debts are a potential hazard to financial security. Marrying someone with student loan debt sans a prenup may later make you liable for that debt. The chances of you becoming liable for that debt gets even higher if your spouse acquires it during your marriage. Getting a prenup may offer you some protection for this.
  • Millennials are getting married later in life: Getting married later in life means you have more time to acquire more assets, which may include savings, property and retirement accounts, to name a few. Your net worth will have increased at the time of your marriage, which means you have more to protect.

Thinking of the dissolution of your marriage and the aftermath might seem counterproductive during your wedding preparations, but it is something that you may want to consider and carefully plan for. It might save you a lot of trouble in the future.

At The Law Firm of Poppe & Associates, PLLC, our focus is relentless advocacy for our clients. If you or someone you know is considering divorce, reach out to schedule a consultation at 646-665-3903 or by contacting us online.

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Mia Poppe, Esq.

Mia Poppe, Esq.
Managing Partner