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The upsides of prenups and why Millennials should consider them

| Mar 17, 2021 | Family Law |

Are you a so-called Millennial (i.e., someone roughly between the ages of 25 and 40) who is contemplating marriage in the near future with an expected “forever” partner?

If so, are you willing to first engage your future spouse in what a recent Bloomberg article terms “a discussion about what feels like a fair division of assets within the ecosystem of your relationship?”

That seems like a reasonable endeavor, right? After all, it can hardly be denied that money matters – important in most contexts – are fundamentally key concerns throughout marriage. Couples have kids. They buy homes. They try to amass savings through various retirement and investment vehicles.

And they sometimes divorce. That too is undeniable. Newlyweds in New York and nationally fixate on enduring unions, but an alternative outcome is sometimes the case.

And when it is, that during-marriage concern with assets and debts doesn’t go away. A fair property settlement is a top-tier consideration for most divorcing spouses.

Bloomberg contributor Erin Lowry focuses on that concern, especially from the perspective of Millennial partners negotiating a marital split.

Her bottom line is essentially this: A divorce outcome was always a possibility, and its details are often much fairer and more clearly defined for couples who discussed and ultimately executed a prenuptial agreement before exchanging “I do” vows.

For Lowry, prenups have historically gotten a bum rap, and she believes that their upsides – both varied and multiple – should become progressively more important for American Millennials poised to marry.

Prenups, she stresses, are nothing more than marriage insurance, which is a life process/event well worth protecting. They have nothing to do with spiking the odds of a divorce, but they do help couples prepare for future possibilities.

And that can enhance marital peace of mind rather than undermining it.