Millennials in Massachusetts may be marrying later than previous generations and bringing more assets and debt into the marriage as a result. Prenuptial agreements are also on the rise in this generation, and they no longer carry the stigma they once did.
Since a number of them come from divorced families, millennials may be more realistic about the possibility that a marriage will end in divorce than earlier generations. This can make them approach it with caution. This could be particularly true for women, who are earning higher incomes than ever before and may have purchased homes and other assets they want to protect. Even couples who do not ultimately sign a prenup may find a conversation about their finances prior to getting married helpful. For those who do go on to sign the document, they may be able to prevent arguing later over how to compensate one spouse for a business or what to do about alimony.
Conversations about the prenup should not be done at the last minute. This could make it appear as though one person was coerced into signing the document just before the wedding. Each person should get adequate counsel from separate attorneys. A prenup cannot address child custody or support, so parents will need to negotiate these terms or go to litigation where a judge will decide.
For second marriages in particular, people may want to consider a prenuptial agreement if there are children from the first marriage. A prenup can help ensure that a parent’s assets are protected from the new spouse in case of divorce or death. A couple who is already married without a prenup might still want to consider creating a postnuptial agreement. People who are considering either type of agreement may want to consult an attorney.