How Illinois millennials are using prenuptial agreements
Prenuptial agreements are becoming more common among millennials. However, some analysts say the phenomenon indicates that this age cohort takes marriage seriously. The divorce rate has also declined among millennials. Furthermore, while many people may think of prenups as being for wealthy people, for millennials they may be more about addressing the debt they are bringing into the marriage as well as what they will do about property.
With a prenup, couples can be transparent about their debt. It can also address what might happen to any additional debt the spouses acquire during the marriage. This can prevent situations in which one person takes out a loan but both individuals are liable for it. A prenup can also address what may happen to future earnings. In some cases, both partners earn roughly the same amount of money and assume this will continue into the future. However, one person might take several years off work to do child care. A prenup can address what would happen in a divorce if a significant income disparity existed.
A prenup also gives couples the opportunity to talk about who would get the pets in case of a divorce and who would be responsible for vet bills. Prenups can even cover ownership of embryos if the couple has IVF treatments.
Divorcing spouses who do not have a prenup in place will need to decide how they will divide their property. Even if they do have a prenup, they will still need to determine the arrangements for child custody and visitation if there are children. However, they do not necessarily have to go through litigation. Couples may be able to negotiate agreements for property division and child custody with the assistance of their attorneys.