What is the millennial prenup?

Millennials typically marry later in life when compared to previous generations. Consider the added years this generation has to build a career, assets, and debt. This makes it easy to see why millennial prenups are becoming part of the norm.

Couples in their 30s understand the importance of planning for the future. With the help of an experienced attorney, couples can work together to make knowledgeable decisions regarding their future. The goal of a millennial prenup is to create a document that can protect the best interests of both parties.

Protecting Each Other

A millennial prenup works just as any other prenup would for engaged couples. No one gets married planning for divorce, but couples can look for ways to protect each other from the issues divorce can cause if the unthinkable happens.

In many cases, millennials came from divorced families. All too often, this was a highly emotional experience for millennials as children. Perhaps it affected their relationships after their parents’ divorce.

This isn’t something anyone wants to experience twice in a lifetime. A millennial prenup can help to address divorce issues before they arise. Many couples want to protect each other from the start.

That’s why many millennials choose to work with an experienced attorney to create a prenup. A knowledgeable legal professional can provide couples with the tools needed to have open and honest conversations about their expectations for the marriage.

An experienced attorney can also provide a team of industry professionals that can help along the way. The goal is to create a customized plan in a neutral, supportive environment which works for everyone.

More Than Just Romance

A millennial prenup isn’t only for those with immense wealth. It’s important for couples to begin their new life with the understanding that marriage isn’t just a romantic relationship. Marriage should also be viewed as a legal and financial relationship. This is especially true if one or both partners:

• Currently/expect to receive stock options during the relationship
• Have been previously married
• Own a business
• Have children from a previous relationship
• Have plans to leave work to raise children
• Own property
• Have significant debt
• Own retirement accounts

An experienced attorney can help you create an agreement that addresses these topics using an up-front and open approach. With open and honest communication, couples can set realistic marriage expectations. This can further the chances of a long-lasting, happy marriage.

Timing is Everything

Timing is everything when it comes to creating a successful millennial prenup. Talking with your partner about a prenup should happen sooner rather than later. Starting the millennial prenup conversation before engagement allows couples time for multiple discussions.

With thoughtful timing and honest communication, couples can work together to create an agreement tailored to their specific needs. This also prevents one or both sides feeling rushed or forced into agreeing to things they aren’t comfortable with. This can help set a solid foundation for the marriage based on open communication and honesty.

If you want to learn more or think a millennial prenup may be right for you, we can help! Contact Ogborne Law today to learn how we can structure your millennial prenup.