Each generation has concerns and interests, and New Jersey millennials are no different. These differences translate into unique items that millennials include in their prenups. While prenups usually focus on finances, millennials also include provisions that are relatively new additions to prenups.
Benefits of prenup agreements
Couples choose to sign prenuptial agreements because of the various benefits they provide. Some of these include:
• Establishing separate and joint assets
• Protecting from a spouse’s debt
• Encouraging open and honest communication between the spouses
• Simplifying the divorce process
Assets and finances
Many millennials marry after establishing successful careers and accumulating assets. When they do decide to marry, they focus on protecting these assets if their marriage does not work out. A prenup can establish how these assets will be treated through the marriage and, if necessary, during a divorce.
Debts and liabilities
As college costs have risen significantly in the past, so have the educational debt carried by millennials. For this reason, millennials often include provisions on how the debt incurred before marriage will be handled if there is a divorce. Their focus is often to ensure that they will not be responsible for their spouse’s debt if they end up dissolving their marriage
While the focus on finances and even debt is similar to those of previous generations, there are some provisions that seem particular to millennials. For example, some millennials include provisions on how their frozen embryos will be treated if the couple divorces. They also focus on pet custody, negotiating who will keep the pet if the marriage fails.
In the past, prenups were seen as necessities for the wealthy or famous. However, prenups are a good idea for couples who want to be clear and who want to protect their interests.