If you bring your own assets into a marriage, a prenup may be a good idea.
People are now waiting longer to get married than those from previous generations.
Perhaps you are one of these individuals.
According to a recent Washington Post article titled “Why you’re more likely to have a prenup than your parents were,” you are in good company.
Gretchen and I were married at age 22, right out of the good old University of Kansas.
Now 80 percent of individuals are married by age 45.
What does this have to do with prenuptial agreements?
If you marry later, you likely bring more of your own assets into the marriage.
In fact, many choose to be individually financially secure before marriage.
You have more to lose if divorce should become an unfortunate reality.
A prenuptial agreement can help you protect what you have already built.
Perhaps you think a prenuptial agreement demonstrates a lack of trust or is unromantic.
Just because something is unromantic does not mean it is a bad idea.
In 2016, 62 percent of members of the American Academy of Matrimonial Lawyers notice an increase in prenuptial interest.
Fifty-one percent of these members specifically noted Millennials seeking such agreements.
What if you have no assets, just debt?
You can use a prenuptial agreement to divide debt loans and student loans.
Is this something you want to consider?
Talk to your fiancé, first and foremost.
Then, engage separate, independent family law attorneys to represent each of you.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Washington Post (August 4, 2017) “Why you’re more likely to have a prenup than your parents were”