Prenuptial agreements are smart at any age, and millennials are proving to be savvy. The American Academy of Matrimonial Lawyers recently announced that prenuptial agreements are on the rise, particularly among millennials. The underlying reason? People are getting married later, meaning they are entering into the marriage with more possessions.
When it comes down to it, marriage is a legal and financial contract, and one should enter into it with the same thoroughness that is advised for any other business deal.
The highest ranking items covered by marriage contracts were:
- Protection of separate property 78%
- Alimony/spousal maintenance 74%
- Division of property 68%
- Protection of the increase of value of separate property 64%
- Inheritance rights 42%
- Community property division 24%