Wood & Associates, P.A.
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Young people seek prenups for financial security

Many Florida millennials are considering prenuptial agreements. As people choose to marry at older ages and with stronger careers and more assets on both sides, the agreements are often viewed as helpful assurances to protect the finances of both parties in case of a divorce.

Millennial couples are frequently aware of the potential for a marriage to end, even when entering into a relationship with the highest of hopes. Prenuptial agreements can make sense for couples that include entrepreneurs as well as those who have family money or potential inheritances. When both parties entering a marriage have property, growing careers or even companies of their own, a prenuptial agreement can help to set a firmer basis for a financial partnership.

Financial security is a major concern for millennials, and surveys have shown that many young people intend on achieving major financial goals prior to marriage. In addition, far fewer couples intend for one partner to be a stay-at-home parent. Even student loan debt can be part of prenuptial agreements, as people seek to ensure that each partner's obligations remain their own. Today's prenuptial agreements are less likely to reflect one wealthy partner and one partner at a financial disadvantage and more likely to indicate two career-driven professionals.

When a marriage does end, property division can be one of the most challenging aspects, especially when there is no prenuptial agreement. This is another reason why having an agreement in place can be beneficial. However, couples might choose to enter into a post-nuptial agreement, and when they do it will be essential for each of them to have separate legal representation.

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Wood & Associates, P.A.
980 Airport Road, Suite A
Destin, FL 32541

Phone: 850-502-8978
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