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Study shows that more millennials are agreeing to prenups

On Behalf of | Dec 7, 2016 | Divorce

Residents of Ohio who are planning a wedding may be considering a prenuptial agreement. According to a study from the American Academy of Matrimonial Lawyers (AAML), more millennials are entering into prenup agreements than their counterparts from previous generations. People may choose to get a prenup if they have a significant amount of wealth prior to the marriage. Because members of the millennial generation are, on average, getting married at a later age than previous generations, they have often accumulated more assets by the time they tie the knot.

Businesses owners may be especially interested in getting prenuptial agreements as they will want to ensure that they can retain ownership of their enterprises in the event of a divorce. Signing a prenuptial agreement can offer a number of other benefits as well. A prenup can make the process of divorce simpler, which will save both parties money. In some cases, a prenup may stipulate that the spouses enter marriage counseling for a certain period of time before getting divorced. This can help prevent divorces altogether.

After deciding to enter into a prenuptial agreement, the couple will have to draw up a contract that explains the financial rights of each party. Prenups are especially important if one or both of the future spouses have a significant amount of wealth or an inheritance. The contract will help determine what is martial property and what belongs to each spouse.

A prenup is a legal contract, and if there is a mistake in it, a court may declare it invalid. When creating a prenup, both parties should be represented by a lawyer who will advise them on their property interests. A lawyer could help a client decide what provisions to include in the agreement.