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Attorneys report increase in prenups for millennials

| Dec 7, 2016 | Divorce

Minnesota millennials may be among those throughout the country who are signing prenuptial agreements in growing numbers, and the reasons may include an older age at marriage, the acquisition of family money, and entrepreneurship. With a prenup in place, people may protect assets they bring into a marriage in the event of divorce or their death. A prenup might also ensure that a business owner remains in control of their company and profits.

According to a member survey conducted by the American Association of Matrimonial Lawyers, prenuptial agreements have risen among millennials in the past few years. Talking about divorce is not the most pleasant conversation that a couple headed toward marriage can have, but a prenup can contain provisions that might prevent a divorce. For example, some couples include a marriage counseling requirement for a certain amount of time before the divorce can proceed.

A prenup may also reduce the stress of the divorce by clarifying business issues around intellectual property and concepts like goodwill. With a prenup in place, a divorce may take less time and cost less money.

In the absence of such an agreement, a divorcing couple must either make an agreement about property division or go before a judge who will decide how the property will be divided. A couple might prefer to try to reach an agreement on their own although an individual may want to discuss any potential pitfalls with an attorney. For example, some advisers caution that people should be careful about trying to keep the family home since they may find that costs like insurance, upkeep and taxes make it difficult financially.

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