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Younger generation says 'I do' to prenuptial agreements

Young couples in Texas and across the country who are planning weddings are more likely than earlier generations to prepare prenuptial agreements. A national survey sponsored by the American Academy of Matrimonial Lawyers found an increased usage of prenuptial agreements among members of the Millennial generation.

The academy reviewed responses from 1,600 member lawyers. Their answers revealed that 51 percent had experienced a rise in requests for marriage contracts from Millennials. For 62 percent of the lawyers, they noted that the increase had occurred within the last three years. The academy president said that the tendency of Millennials to get married at later ages than previous generations meant that some of them have assets to consider before making a financial union with a spouse.

With a prenuptial agreement, a person who has business assets, expects an inheritance or has ownership of intellectual property can establish that these assets are personal and not part of a marriage. This might be of particular importance to people starting a business because the value of the enterprise could rise significantly during a marriage.

In the event of a divorce, a prenuptial agreement can save money because issues that might cause disputes and litigation have already been settled. A person with significant assets might seek out legal representation when initiating a divorce. An attorney could evaluate the terms of a prenuptial agreement and also explain how the law might divide property deemed part of the marriage. Information about spousal support, child support and the division of retirement accounts could be provided by an attorney. These legal insights could aid the person with decision-making and potentially prevent choices that lead to financial hardship or unexpected tax obligations. Court paperwork and documents like a co-parenting plan could also be prepared by an attorney.

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