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Prenuptial agreements may benefit millennials

| Feb 5, 2021 | Divorce

People from wealthy families often use prenuptial agreements to protect their assets, but these legal documents are becoming more popular even among younger New Yorkers without generational wealth. As a millennial, you may benefit from a prenuptial agreement because your generation has some significant differences from your parents’ generation.

Delaying marriage

Millennials are getting married later than their parents did. This means you are more likely to have assets of your own before you walk down the aisle. This is even more true for women who, unlike many of their mothers, may have a graduate degree and a home before they even consider getting married.

Debt

Financial strain is one of the leading causes of divorce. As a millennial, you are likely to have student loan debt that might cause a problem later in your marriage. Prenuptial agreements are a way to avoid some fights over money. The agreement may be set up to ensure that no matter what happens in the marriage, you leave with only your own debt.

Entrepreneurship

In previous generations, people often waited until they were older, even retired, to start their own businesses. This isn’t true for millennials. There’s a good chance you may have already started your own business. In order to keep that business as separate property when you get married, including specific language in a prenuptial agreement could help protect it if you get divorced. If you own a business, consult with a family law attorney to ensure it remains your separate property after you get married.

Drafting a prenuptial agreement doesn’t cast doubt that your marriage will last. It merely gives you and your future spouse the ability to decide what happens if you ever get divorced rather than having to rely on state laws to divide your assets and debts.

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