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Why more younger people want prenups

While there is sometimes a negative stigma attached to prenuptial agreements, there are many reasons that any couple might need one before tying the knot. South Carolina residents might like to know about a survey conducted by the American Academy of Matrimonial Lawyers that found that millennials are entering into one comparatively frequently.

Slightly more than half of the 1,600 AAML members that were surveyed said that more millennials were asking for prenups than before, and 62 percent of members thought that this change happened within the last three years. Prenups help protect individual property acquired before a marriage. Since people tend to marry at older ages than before, millennials have time to accumulate some wealth that they may wish to keep safe with a prenup.

Millennials have a relatively unique need for prenups as they might have a combination of their own money and inherited assets. One may want to keep some money and assets in the family while also protecting a business. This is especially important if one party is an entrepreneur with a start-up. The capital to fund a business may be in place when a marriage begins while the growth of a start-up could occur during the marriage. If there is no prenup in place, any profit that happens during the marriage might be considered marital property.

Misconceptions about prenuptial agreements might be one of the reasons why people are sometimes wary of the documents. They are intended to protect both parties if a marriage fails. This means that each could keep their separate assets, and a person who makes less money would ideally get some financial protection at the end of a marriage. To ensure that both parties understand a prenuptial agreement and are treated fairly, each individual should have separate legal representation.

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Aaron & Aaron
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Clemson, SC 29631

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