As millennials prepare to march down the aisle this wedding season, there are new and compelling reasons why so many members of this digital generation are demanding a good old-fashioned prenuptial agreement as part of their wedding plans.
A prenuptial agreement is a legal document that enables an engaged couple to pre-decide how property and assets will be divided or treated in the event of divorce. But prenups aren’t just for protecting stock portfolios or family inheritance!
In today’s modern world, engaged couples use prenup planning to address the fate of some decidedly modern items, including these top 5 musts for millennials:
- Intellectual property. Did the two of you create a viral Youtube channel? Co-write a buzzy blog? Come up with a great idea for an app? A prenuptial agreement can assign ownership of intellectual property in the event of divorce.
- Stay-at-home parenting. Plan on having kids? If one of you will stay home and care for your children, what happens if you divorce? Prenups can outline alimony, including “rehabilitative alimony,” which is an amount that can be paid to a stay-at-home parent so they may obtain training to get their skills up to speed as they rejoin the workforce.
- Pets. Adopting fur babies instead, or already have plans for a family pet? A prenup can create a pet custody plan you both agree to follow. This is key since the divorce courts treat pets the same as any other piece of marital property — either one spouse gives up ownership and sells it off the other spouse.
- Student loans. One of you went to medical school, but both of you cosigned the loans to pay for it. Millennials typically carry thousands in student loan debt. A prenup can outline ownership of this debt. Is it shared or is it separate? If shared, how much should each of you pay?
- Social media. In a social media prenup clause, couples agree to what each can and can’t say about other on Instagram, Twitter, Facebook and other social media channels. For this socially media savvy generation, social media dos and dont’s are becoming a prenup prerequisite.
In New Jersey, the law requires that each party to a prenuptial agreement retains their own legal counsel review the document at the time it’s created and signed in order for the agreement to be considered valid and enforceable upon divorce.
For Millenials, this means that if you think drawing up an agreement on the back of a napkin and snapping photos of it with your phones is going to create a binding legal document — it’s not. Get in to see an attorney to learn your options for creating a document that’s meant to last.
Prenuptial agreements create peace of mind for the future, which is a key ingredient for a long and happy union.
What’s going in your prenup?
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