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.
Millennials Are More Likely to Get Premarital Agreements
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 Have More Assets
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....