Prenups are a sensitive subject. There is of course the traditional argument that “if you
really love me, you won’t ask for a prenup”. Then we all know what happens when things change.
A valuable benefit of a prenup is that it protects the parties’ assets, including businesses and business interests, and helps to establish how the economic side of the relationship will work moving forward. With the increase in start-up businesses by Millennials, a prenup can afford protection to the business owner and also provide for the non-owner if the couple so chooses.
Marrying Later in Life than Previous Generations:
Chasing career dreams and ambitions can take time, and many Millennials are putting marriage to the side until they’ve achieved certain goals. Couples that marry later in life have often amassed a larger amount of assets (and debts) than if they had married at a younger age. In the same way that prenups can protect the parties’ assets, these contracts can also provide protection from debt. It is smart to become informed about how marriage may impact assets, income and debt. This can be done with an experienced family law attorney. Then an informed decision can be made about whether or not to proceed with a prenup.
Increased Student Loan Debt:
Another reason couples sign a prenup is to provide certainty with respect to debt acquired before the marriage. The prenup can also address debt acquired after the marriage date. (For example, the parties may want to require mutual agreement on debt in excess of a certain amount or how payments towards a pre-existing separate property mortgage will be addressed.) The PEW Research Center found that Millennials are actually the “most educated” generation to date. Millennials, as a whole, have viewed an undergraduate college and graduate school education as necessary, and have taken on much more debt than previous generations in order to get it. When coupled with any other outstanding debt (credit cards, car/home loans, etc.), it makes sense that Millennials would want to enter into a prenup to ensure that the financial responsibilities will be divided fairly in the household. The financial disclosure included in prenup negotiations sets the state for clear expectations about how finances will work during the marriage.
Certain myths about prenups are not considered valid by Millenials (and others!) There is no longer a stigma attached to wanting a prenup and the document is positively viewed as bringing certainty and security to the economic side of the relationship. Open and honest conversations about how things will work during the marriage are viewed as a platform for establishing good communication and trust.
Steven W. Hair, focuses his practice as a divorce attorney, family law attorney in Clearwater, Palm Harbor, and Safety Harbor.
For more information, visit our website at www.FamilyLawClearwater.com
or call (727) 726-0797.
when their lawyer explains what’s about to happen to them.
matter of time until we got same sex divorce. Same-sex divorce poses complications for some splitting couples. Refer CNBC Nov 10, 2017
probably think you just call your lawyer, and off you go. But if you are facing the prospect of divorce, be aware that there are some options.
the entire process can be especially challenging. A narcissist is a very extreme type of personality, often characterized by egotistical, arrogant, and unfeeling characteristics. Plenty of people can exhibit these behaviors every now and then – but for a narcissist, these are deep-seated aspects of their personality. Dealing with this personality type during simple arguments can be bad enough, but when you try to go through a divorce with a narcissist, their behaviors may make it all but impossible.
of pain. Divorce is a really painful process anyway. You can make life less difficult for you and your ex by trying to stay positive in the negotiation process.Here are some thoughts on preparing for an effective negotiation whether it is in mediation or another process.
Even more increasing are the numbers of pro se contested divorce cases filed each year. The reasons for this are many, including the acrimony sometimes inherent in the divorce court battle, the potentially adverse effect the divorce process has on children, and probably the greatest reason is the financial cost of hiring two attorneys or the costs of a prolonged divorce litigation.
put all your personal information out there for the world to see. You may have a few things that you were hoping not everyone would have to know about. Why do you have to disclose everything?