Prenuptial agreements used to be something associated with heiresses and trust fund babies — but things have changed. Men and women alike are coming into marriage a little older, a little more independent and a little more financially sophisticated than in the past — especially among the Millennial generation.
Here’s why prenups are a good idea:
- If you have your own business or entrepreneurial dreams, a prenup can protect them. It can help you keep your business out of the marital pot if you divorce.
- Prenups can control alimony amounts. As long as an agreement is fair, a prenup has the potential to save you a fortune in spousal support by outlining how much will be paid and how it will be distributed. Given the changes in the tax law, under which alimony payments are no longer deductible, that’s essential.
- If you divorce, a prenup can keep everything civil. By the time a couple decides to divorce, most of the arguing is done — until it comes time to divvy up assets and debts. A prenup can eliminate a great deal of conflict in a divorce.
A prenup should never be sprung on a future spouse at the last minute. In order to be valid, it’s generally necessary to make certain that your intended has plenty of time to consider the agreement and legal advice of their own. Prenups also have to conform to the law. Otherwise, they could be declared wholly or partly invalid — which defeats their purpose.
Don’t take chances on a prenup that you find online. Talk to an experienced family law attorney about your legal options.