Taking the step of getting married is one of the most significant decisions in life. This choice will have both legal and financial ramifications, making it important for each individual taking this step to consider the benefits of a prenuptial agreement. This marital contract is especially beneficial for those who are millennials, even if they aren’t sure they really need one.
Why have one?
Many California couples are reluctant to draft a prenuptial agreement. They feel uncomfortable with thinking about the possibility of divorce in the future, or they don’t want to discuss all of their financial matters with their fiancé. It may help millennials to consider a prenuptial agreement as a type of marriage insurance instead of an assumption that the marriage will end at some point in the future.
Divorce can be costly, and a prenup can allow the two parties to have control over how marital property will be divided. Millennials may be more prone to overlook the benefits of this type of agreement if they aren’t wealthy, but these contracts are for couples of all income levels. The disclosures and conversations necessary to draft a prenup may actually help a couple avoid financial conflict during their marriage.
The terms of a prenuptial agreement matter, even if a California millennial couple doesn’t think they will ever need one. When creating a prenup, it may help to think about what terms will make the most sense long-term. Careful consideration should be put into discussing and drafting the contract in case it is disputed in the event of a future divorce.