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Millennial and engaged? Why you might consider a prenup

Couples across North Carolina plan weddings in summer and fall. If you are among these couples, then chances are you are doing a lot of wedding planning. You might be making plans for what to wear, who to invite and how you want your celebration to look. 

However, getting married is about more than planning a wedding; it is also about planning for the future. Increasingly, this means considering a prenuptial agreement. 

Increase in prenups among millennials

According to reports like this one from the New York Times, requests for prenups have increased among millennials. There are many reasons that have attributed to this phenomenon. When compared to previous generations, millennials can be: 

  • Getting married at older ages
  • Financially independent
  • Owners of separate assets (and debts)
  • More realistic about the potential for divorce
  • Children of divorced parents

These traits mean that millennials may not dismiss the idea of a prenup as easily as other generations might have. And they may be well-suited to have this type of agreement.

Who needs a prenuptial agreement?

Not every couple needs a prenuptial agreement, but prenups are not reserved for the rich and famous, either. You might want to consider a prenuptial agreement if you or your soon-to-be spouse:

  • Have children from other relationships
  • Own a business or intellectual property
  • Carry significant individual debt
  • Have disparate levels of wealth
  • Have different financial values

If you feel you want or should have a prenuptial agreement in place, you can discuss the process and your legal options with an experienced attorney. There are several missteps that can ultimately make an agreement unenforceable or invalid, so it is important to ensure you have legal guidance to create a sound agreement. 

One thing to keep in mind is that you should not wait too long to explore your options for a prenuptial agreement. If you are getting married in the coming weeks or months, it would be best to act sooner, rather than later to give everyone time to discuss the situation, negotiate an agreement (if necessary) and thoroughly review the document before signing.