On behalf of Cooper & Tanis, P.C. posted in divorce on Wednesday, December 7, 2016.
People in Colorado who are bringing family money into a marriage or who own a business may want to consider a prenuptial agreement. According to the American Academy of Matrimonial Lawyers, prenups have increased in popularity among millennials. In a survey of its members, a little more than half reported an increase in requests for prenups among millennials, and 62 percent said the increase had occurred in the past three years.
A prenuptial agreement can protect family money that a person brings into the marriage and wants to commingle with the marital finances. It can also protect a business that increases in value after the marriage.
Discussing the possibility of a divorce while making marriage plans is not something many people enjoy doing, but a prenup can have a number of benefits. One way to think of a prenup is as a contingency plan that can secure a person’s future in the same way an estate plan does. It might even increase the chances that a marriage will last because it can include a requirement for marriage counseling before going through with a divorce. If marriage counseling does not repair the relationship, then a prenup can ensure that the divorce is over more quickly and with fewer expenses. A prenup can also iron out thorny issues around goodwill and intellectual property.
When millennials do divorce, if they do not have a prenup, they still might want to consider negotiating property division and other issues with the help of their respective attorneys instead of going before a judge. If there are children, they must also consider whether they would prefer to try to share custody. If one spouse has not worked outside the home, the other spouse may be required to pay spousal support for a time. An attorney may be able to assist an individual in examining the implications of these decisions and assess what their financial situation may be after the marriage ends.