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Prenuptial agreements can protect millennials during divorce

Unlike previous generations, millennials in New Jersey and elsewhere are more likely to wait to get married. Part of the reason for this is that they want to feel financially secure first before walking down the aisle. In light of this, an increasing number of millennials who want to get married are first turning to prenuptial agreements to protect their individual assets in case they end up going through divorce later.

According to a U.S. census report, back in 1975, nearly 43 percent of women decided to be homemakers or stay-at-home moms. However, last year, only 14 percent decided to stay home full time. Clearly, more women today than decades ago are focusing on their careers and businesses, and those who develop these before getting married naturally want to protect them before the say their I Dos.

Prenuptial agreements have emerged in recent years as an efficient way of protecting individual assets and future income in the event a divorce is inevitable down the road. With a prenuptial agreement, couples can also easily divide their debt loads. More than 40 percent of couples owed student loan money back in 2013 compared with just 17 percent back in 1989.

Divorce can understandably be a confusing and unpleasant experience both emotionally and financially. Fortunately, those who have prenuptial agreements can avoid a lot of the infighting and stress often associated with divorce, as their agreements spell out ahead of time how the couple will split assets and deal with matters such as alimony. An attorney can help with putting together such an agreement or ensuring that an existing one is followed during a New Jersey divorce proceeding.

Source: washingtonpost.com, "Why you're more likely to have a prenup than your parents were", Jonnelle Marte, Aug. 4, 2017

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