More Millennials Are Getting Prenups – Here’s Why

More and more millennials are getting prenuptial agreements. Unlike the past, millennials do not view a prenuptial agreement as a taboo or as a negative. So what is a prenuptial agreement?

A prenuptial agreement, commonly referred to as a prenup, is a legal document that dictates how a married couple will divide their assets and also how their debts are handled in case of a divorce.

There are many reasons why millennials are entering into prenuptial agreements. One reason that I have heard is that instead of New York State decide how your assets and debts would be handled in a divorce, you can make those decisions. In other words, you have control instead of New York State.

Another reason is that millennials are getting married later in life then generations before them. Millennials (and anyone else who is older) tend to have more assets. They want to make sure that those assets are protected in case of a divorce.

A few other reasons:

  • Female Millennials tend to have more financial information and assets than females in the past.
  • Student Loans: Unfortunately, millennials also tend to have student loans. With a prenuptial, you can make sure that only the person who has the student loan will be responsible to pay it back.
  • Growing up with Divorced Parents; Many millennials grew up with divorced parents. They recognize that not all marriages last forever.

David Badanes, Esq. and the Badanes Law Office have helped many millennials in creating a prenuptial agreement that works for them. If you are about to get married and have assets you would like to protect, contact David Badanes and the Badanes Law Office, P.C. David Badanes and the Badanes Law Office’s phone number is 631-239-1702, email at david@dbnylaw.com or visit our web site: www.dbnylaw.com. The Badanes Law Office has offices in Northport and Uniondale.

Please like us on Facebook to get important legal news, tips and articles: www.facebook.com/BadanesLawOffice.

Must Have Items for Your Pre-Nuptial Agreement

pre-nup image
As you probably know a pre-nuptial agreement is a valid contract that you and your spouse sign before you get married. A pre-nuptial agreement is not just for the “rich and famous”. There are many reasons why a pre-nuptial agreement is a good idea for every couple considering getting married.

If you are thinking of getting a pre-nuptial, here are some of the more important items to cover in your pre-nuptial agreement.

First, you need make an exhaustive list of ALL your assets and debts. You should take a close look at your tax returns, your bank statements, all monthly and quarterly statements you receive from financial institutions, your credit card statements, and any loan payments you make. Your pre-nuptial agreement should reference all of your assets and debts. Make sure you consider what you are going to do with each of your assets and debts.

Second, you need to address what will happen to any gifts, both monetary and property gifts that you receive after you are married. Although, in New York, gifts are typically not considered marital property, a pre-nuptial agreement can make sure that gifts intended for you, stay as “your” gift.

Third, similar to gifts, you need to address what will happen to any inheritances that you receive after you are married.

Fourth, you want the pre-nuptial agreement to consider what will happen if you or your future spouse obtain an educational degree or a license (nursing, accounting, etc.). Degrees and licenses have a monetary value and they should be addressed in a pre-nuptial agreement.

Fifth, if there are any future school loans, then the pre-nuptial agreement must address who will be responsible to pay back those loans.

Sixth, a pre-nuptial agreement should deal with the issue of business ownership, both current and potential.

Seventh, a proper pre-nuptial agreement will decide how pension and retirement assets are distributed.

Finally, eighth, who will be responsible to pay taxes on the current assets or future assets you may own.

If you live in Suffolk County, Nassau County or in New York City, David Badanes the Badanes Law Office can help you in drafting or negotiating a prenuptial agreement. Contact the Badanes Law Office today at: 631-239-1702, or email us at: david@dbnylaw.com. The Badanes Law Office has offices in Northport and Garden City.