In the past three years, family law attorneys have noticed a shift in trends regarding prenuptial agreements. In fact, more than half of the attorneys in a recent survey have seen an increase in premarital contracts in recent years. While many couples in Las Vegas still feel that their financial situations do not warrant such an agreement, some are finding that the prenuptial is the best way to protect their individual interests and to keep them separate from marital property.
These days, many people have already established their own businesses, retirement funds or property holdings before considering marriage. While it may seem unromantic to suggest a prenuptial contract, many believe it is simply practical to prepare for contingencies. If one has intellectual property, such as trademarks and patents, they may be expensive and complicated to value and divide in the event of a divorce. Additionally, a premarital agreement can protect a person's interests if he or she has built a reputation and a loyal clientele, which is also difficult to value.
Millennials not only typically marry later, they may also marry more than once. Second and third marriages already begin with the complications of previous marriages -- perhaps children, support payments or even debt. Premarital contracts can keep those obligations and interests separate from the new marriage, protecting both spouses in the event of divorce or death.
One advisor reminds people that marriage is a financial arrangement as well as an emotional bond. Couples who do not openly discuss and plan for their financial futures often find themselves struggling as time goes on. Many couples in Las Vegas find that a prenuptial agreement is an important planning tool for couples, especially those who desire to keep their individual assets and liabilities separate from any marital property.
Source: bustle.com, "More Millennials Are Seeking Prenups, And Are Reasons To Consider One", Kristine Fellizar, Nov. 1, 2016