A nationwide survey of the American Association of Matrimonial Lawyers has shown that, in the last few years, there has been a significant increase in the number of millennials who are interested in prenuptial agreements. Prenuptial agreements, or prenups, allow couples who are planning to tie the knot to figure out how issues related to a divorce will be handled if their marriage does not work out. One possible explanation for this increase is that many young people are starting their own businesses.
Many startups grow substantially in value over time. The appreciation in the value of the business during the marriage will normally be considered a shared asset during a divorce. This means that without a prenup, an owner’s spouse could be able to claim a portion of the company’s increase in value. Along with avoiding issues with a startup business, prenups can help couples save money on the cost of litigating divorce and help them protect money from their family, such as inheritances.
Results of the AAML survey showed that just over half of the 1,600 members who responded saw an increase in the number of millennials asking for prenups. Additionally, 62 percent stated the uptick took place in the last three years.
The divorce process can be made much easier with a prenup. It takes a number of the sources of contention out of the process, such as asset division and spousal support. Couples who are interested in negotiating and entering into one will want to have separate legal representation, and attorneys will remind their clients of the importance of not waiting until the eve of the wedding to start talking about it.
Contact our Charlotte prenup attorneys today at (704) 931-5535 to discuss creating a prenuptial agreement in North Carolina