3 Prenuptial Agreement Considerations for Millennial Couples

 Posted on October 16, 2020 in Prenuptial and Postnuptial Agreements

As societal trends evolve, each new generation has its own views and priorities regarding marriage. Millennials, who currently range in age from their mid-twenties to late-thirties, are at a point in their lives when marriage is common, but their approaches to marriage, and often, their approaches to prenuptial agreements, reveal different needs from the generations that came before them.

What Should Millennial Couples Include in a Prenuptial Agreement?

Not every marriage requires a prenuptial agreement, but if you are a Millennial preparing for marriage, you may want to consider an agreement that addresses the following issues:

• Protection of assets: According to the Pew Research Center, Millennials on average marry for the first time three years later than Generation X and four years later than Baby Boomers. By the time you get married, you may already be established in your career and have significant assets in your name, and a prenuptial agreement can help you define and protect those assets in the event of a divorce in the future.
• Student loan debt: Many Millennials have tens of thousands of dollars in student loan debt, which may be a major factor in their financial situation when they prepare to enter a marriage. If one or both partners have significant debt, you may wish to account for it in your prenuptial agreement to ensure that you will not be responsible for your partner’s debt during your marriage or after a potential divorce.
• Pet custody: Millennials currently comprise the largest share of pet owners in the United States, and many consider pets to be a member of the family. You may be entering your marriage with a pet of your own, or you may have adopted a pet with your partner before your marriage. In either case, your prenuptial agreement can address who has rights to your pet if you get a divorce.

Many Millennials also choose to cohabit with a romantic partner before getting married, which sometimes involves the sharing of assets and financial responsibilities. You may find it beneficial to establish a cohabitation agreement that addresses what happens if the relationship ends.

Creating a Valid Prenuptial Agreement in Illinois

Regardless of the terms you choose to include in your prenuptial agreement, it can be beneficial to work with an attorney who can ensure that your agreement is valid and legally enforceable. You will need to be sure that your agreement is fair to both parties and entered into willingly without coercion, force, or manipulation.

Contact a DuPage County Prenuptial Agreement Lawyer

At the Davi Law Group, we help couples of all ages create prenuptial agreements that allow them to feel comfortable entering a marriage, and we are committed to listening to and understanding your unique needs. Contact a compassionate Wheaton family law attorney at 630-657-5052 to schedule a free consultation.

Sources:

https://www.natlawreview.com/article/how-are-millennial-prenuptial-agreements-different

https://www.pewsocialtrends.org/2020/05/27/as-millennials-near-40-theyre-approaching-family-life-differently-than-previous-generations/

https://www.forbes.com/sites/pamdanziger/2018/10/18/the-pet-retail-market-is-hot-and-getting-hotter-by-the-day/

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59