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Premarital agreements are legal contracts that dictate the division of assets and debts in divorce, and they can also address a number of other legal issues. However, as the millennial generation is getting older and starting to think about marriage, many of them are considering drafting a prenuptial agreement before the wedding. These premarital agreements cover all the same issues as those drafted for previous generations, but they are also slightly different. Below are the main ways these premarital agreements differ from those written for older generations.
For the past few years, more millennials have been writing premarital agreements than generations past. Perhaps younger couples do not see them as the romance killers that previous generations did, or maybe they simply understand the importance of these legal contracts better. Whatever the reason, more millennials are getting premarital agreements, and that is definitely a positive sign.
Millennials may not have accumulated more assets than people twice their age, but they generally do have more to protect at the time of marriage. Millennials tend to marry later in life when they have established careers and as such, have accumulated a greater amount of assets. This is vastly different than other generations that often got married right after high school or college. After accumulating all of these assets, it is not hard to understand why more millennials are writing premarital agreements to protect them.
Also due to the fact that more millennials have established careers at the time of marriage, many of them have also gone to university or college and therefore, they have a greater amount of debt when they get married. Tuition for post-secondary education is at an all-time high and so, it is understandable that no one wants to be burdened with debt that is not theirs. When drafting their premarital agreement, many millennials include this debt and ensure that the person that incurred it is the one that is responsible for it in the event the couple divorces.
Technology has made incredible advances over the years. Today, millennials have the option to freeze their embryos in case they want to have a child later in life. The facility that freezes the embryos will likely draft a document that outlines which party will be given preferential treatment in the event that the couple breaks up. However, a premarital agreement can override these agreements by dictating which party the embryos belong to in the event of divorce.
If you are a millennial that is about to get married, our Hinsdale family lawyers at the Law Office of Martoccio & Martoccio can help. Our skilled attorneys understand the unique needs of engaged millennials and will ensure that your premarital agreement is thorough and addresses all of the issues pertinent to you. Call us today at 630-920-8855 or contact us online to schedule a free consultation with one of our attorneys.