What Is the Most Common Reason the Millennial Generation Favors Prenups, If Not to Protect Their Wealth?
We’ve previously discussed some of the most damaging myths about prenuptial agreements that everyone should abandon for their own sake—that they are only for the wealthy who might one day face a complex divorce, that they can contain anything you want, such as an exemption from paying child support, that they predispose a couple to heads towards divorce, etc. In fact, prenuptial agreements (“prenups”) are taking on almost entirely new roles today, likely as a reflection of the values and goals embraced by the younger generations entering into them, with one of those goals not necessarily being to address wealth, but rather, debt.
Today, more and more young people are coming into relationships with a significant amount of debt. Prenups can not only ensure that both parties are aware of that debt, but that there is a plan in place for how to manage it and/or that certain sureties are in place if one spouse takes on debt during the marriage. Ultimately, one of the most common pitfalls that couples are trying to avoid is one person taking out a loan in the other person’s name without that person knowing about it, or even taking out the loan in their own name, and, due to how equitable distribution laws work, you as the spouse still having to cover a good portion of that debt in the event of divorce, even if you never co-signed for or were aware of it.
A Simple Solution That May Solve More Than One Problem
The best way to not only prevent this from happening – but also to prevent it from even becoming a concern – is to simply come to an agreement that says that any debt taken out as an individual is solely that individual’s responsibility in the event of divorce (while any loan taken out together, co-signed, is owned together, etc.). It is also possible that addressing debt might automatically handle other issues that could otherwise become uncomfortable to address. For example, if a prenup indicates that one spouse is going to cover all of the expenses for one particular pet, it also arguably makes the case that that individual is the one who is responsible for the pet. This can be helpful if there is any dispute, later on, as to who “owns” the pet.
We Can Help
Modern-day prenups tell us less about what happens if you get a divorce and more about how you as a couple want to dictate how to stay married. It’s not just about what might happen – one person going back to school, another starting a business, etc. – but also about transparency, communication, and being up front about experiences and expectations with the hope that this will pave the way for a greater understanding between two people.
At the Arwani Law Firm PLLC, our Orlando divorce attorneys have the right experience preparing, negotiating, and reviewing prenuptial agreements. Contact us today to set up a consultation and find out more about our services.