Bowden Cyr, PLLC - Attorneys At Law

Later marriages and asset protection driving use of prenups

Members of the millennial generation in Minnesota and nationwide get married at later ages than previous generations. As a result, they often enter relationships with individual assets that they want to protect if divorce should occur. These reasons appear to be driving more people to negotiate prenuptial agreements according to a survey by the American Academy of Matrimonial Lawyers. The respondents reported a 51% increase in millennial clients signing prenuptial agreements.

Millennials on average are getting married in their late 20s or early 30s. Marriages later in life give people an opportunity to start their careers before walking down the aisle. This means that they often have savings, investments, stock options or sometimes real estate by the time that they get married. With more people possessing assets that a potential divorce could threaten, the taboo against prenuptial agreements has eroded among millennials. People who expect inheritances later in life often want to segregate those future assets as well.

The increased participation of women in the workforce contributes to people's motivations for asset protection. A recent survey of lawyers indicated that more women were asking for prenuptial contracts to address property division or potential spousal support obligations.

A prenuptial agreement might reduce uncertainty about how property division will unfold during a divorce. When a person decides to end a marriage, a lawyer might evaluate how the agreement applies to the couple's current financial situation. An attorney might draft a settlement based on the agreement or represent the person if litigation becomes necessary to enforce or challenge an agreement.

No Comments

Leave a comment
Comment Information

Legal Awards & Professional Associations

Super Lawyers Susan Dowden Super Lawyers Lisa Watson Cyr Lisa Watson Dowden Best Lawyers
Super Lawyers Top 50 Woman Minnesota Susan Bowden Gunst
AV Preeminent Best Lawyers Best Law Firm US News
BBB Accredited Business Minnesota State Bar Association Justice American Arbitration Association Lisa Watson Cry | Best Lawyers | 2019

Watch Our Video

Schedule Your Free Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Bowden Cyr, PLLC - Attorneys At Law

7825 3rd Street North | Suite 204 | Oakdale, MN 55128 | Phone: 612-254-6409 | Fax: 651-731-5496 | Oakdale Law Office Map