When young couples in Illinois decide to tie the knot, they are likely planning for a future of love, happiness and companionship. The reality is, however, that marriages sometimes break down. As a result, it may be important for millennials to consider the need for prenuptial agreements.
In fact, some legal experts think that it may be even more important for this demographic to consider a prenup than it is for older couples. This recommendation is in part due to the fact that many millennials are marrying at an older age and may already have significant assets as well as debts.
For example, someone who is marrying at the age of 28 may own a home and have a vested retirement account but may also be carrying significant student loan debt. A prenuptial agreement establishes ownership of these assets and debts and can reduce or eliminate conflict over them down the road.
Another reason why millennials may want a prenup is that this generation is much more entrepreneurial, and some may even own their own businesses. A prenuptial agreement can protect the business as well as a spouse’s intellectual property. Conflict over a business during a divorce can threaten the company’s very existence, so establishing clear guidelines on how the business will be treated in a divorce is an important part of financial planning.
When a marriage ends, an individual may benefit from speaking with an experienced family law attorney. A lawyer may be able to review the client’s current situation and make recommendations regarding equitable property division as well as other divorce legal issues, such as child custody and alimony.