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Why you should get a prenup, especially if you’re marrying young

Let’s face it. If you work hard for something, you want to keep it for yourself, right? Depending on what income bracket you fall into, taxes alone can take a large chunk out of your gross salary. And if you run off and get married on a whim without a prenup in place? Well, that can take bite out of your earnings, savings and investment interests leaving you with only scraps to be able to adequately take care of yourself.

In this day and age, prenups are no longer relegated to the wealthy or elite. Instead, more and more younger people, the millennials, as they are affectionately called, are finding themselves compelled to seek out attorneys to help them prepare prenups in advance of their marriages as well. These millennials aren’t necessarily wealthy either, but instead like you or I, just working to get by.

What those seeking prenups do have, however, are high expectations for themselves or the potential to inherit a lump sum down the road. According to the American Academy of Matrimonial Lawyers, 62 percent of attorneys surveyed reported seeing an increase in those requesting prenups over past years. Millennials falling into the 18- to 35-year-old bracket have faced perhaps faced the sharpest increase in the last three years.

The British newspaper, the Independent, found that millennials seek out prenups in order the protect future intellectual property and technological interests. This has gained in popularity with the increased pursuance of software, music and film pursuits of this generation in recent years. The publication also found that this generation is looking to protect future innovation the individual might harvest in the future as well.

The AAML says the Independent’s research corroborates their findings. They found that millennials were particularly inclined to request prenups to protect their rights to properties, businesses and inheritances while at the same time dictating how, in the event of divorce, alimony and child custody claims would be handled.

The idea of requesting a prenup of your significant other can serve as a source of contention between you and your mate, especially when one party has more assets coming into the relationship than another. If you’re considering marriage or are engaged, speaking with an attorney who shares the benefits of prenups with you can alleviate many of your concerns.

Source: Esquire.com, “Millennials are getting prenups, despite not having any money,” Olivia Ovenden, Dec. 08, 2016