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The value of prenuptial agreements for Millennials

Some Millennials in Texas may be among those who are getting prenuptial agreements in increasing numbers, according to a survey by the American Academy of Matrimonial Lawyers. Millennials may be in particular need of such agreements because they may go into marriage with both family money and wealth from startups.

A prenuptial agreement may benefit someone who is entering the marriage with money and wants to protect it in the event of a divorce. Furthermore, if a person is inheriting or getting family money in some other way, a prenup may help protect that sum if the inheriting spouse dies. Prenups are also very important for a person who owns a business. With a startup, it may be particularly necessary because these are businesses that likely have been started prior to the marriage but are expected to appreciate significantly during the marriage.

According to the survey, around half of the attorneys reported more Millennials using prenups, and more than 60 percent of them had seen an increase in the past three years. This may be because people are getting married at later ages and have more assets to protect by then. While the conversation can be uncomfortable, prenups can save money, protect intellectual property and open communication between future spouses.

A high-asset or complex divorce may move along more smoothly if a prenuptial agreement is in place. However, in some cases, a prenup may be challenged. For example, one person might feel they were rushed into the agreement or had inadequate legal counsel. Since Texas is a community property state, if there is no prenup or it is set aside, property acquired after marriage is generally considered to be shared and must be divided equitably.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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