The end of a marriage can have serious financial ramifications. An individual may lose property that he or she owned prior to marriage due to commingling those assets with marital property, and he or she may be concerned that he or she may even lose out on a fair share of those marital assets. Long-term obligations, such as alimony, may be ordered, too. In the end, one’s financial position post-divorce is dependent upon the facts of the marriage and the arguments presented during negotiations and litigation. This uncertainty can cause an enormous amount of stress.
Fortunately, Floridians can avoid this situation by choosing to enter into a prenuptial agreement, referred to as a premarital agreement in Florida. These marital “contracts” can delineate how certain divorce legal issues like property division will play out should the parties’ marriage not last. While many see this step as unromantic, Millennials are turning to them with renewed interest, as evidenced by one study.
Why the sudden increase in the utilization of prenuptial agreements? There may be a number of reasons. To start, Millennials are getting married at an older age, which means they have more assets to consider prior to tying the knot. Also, since many Millennials saw the effects of the Great Recession firsthand, many of them are much more deliberate in their financial decisions. Another potential cause of the uptick in prenuptial agreements is the increase in the number of women who have secured significant wealth. With more women becoming the major breadwinners in their families, it stands to reason that they would want to protect their financial interests prior to or during marriage.
A prenuptial agreement may seem unromantic on its face, but when appropriately addressed with a soon-to-be-spouse, couples can find that it can put a lot of their fears to rest. Instead of being concerned about how assets will be treated during the course of marriage and who will be responsible for which financial obligations, those couples with a prenuptial agreement can focus on starting their lives together. These documents need to be carefully crafted to be effective, though, which is why it is often best to seek professional guidance before entering into one of these agreements. Those who would like to challenge one of these agreements during their divorce would likewise benefit from discussing the matter with a qualified legal professional.