When most people are getting married, they’re not thinking about the possibility of a divorce. A decision to marry is generally primarily based upon love and affection, not finances. However, the NY State views marriage as a financial contractual union. In light of the fact that roughly 40 to 50% of all marriages end in divorce, it makes sense to consider the financial ramifications in the unfortunate event of divorce. Although generally an unpleasant topic during the period of time that you are excited about starting a life with your partner, a prenuptial or postnuptial agreement may save a great deal on legal fees and time in the future while lessening the stress of wondering what will happen to your finances in the event of divorce.Continue reading “Why Get a Prenup or Post-Nup”
Founder and lead shareholder of Amazon.com Inc., Jeff Bezos, and wife, Mackenzie, have recently announced via social media that they will be divorcing after 25 years of marriage. Recognized as the wealthiest man in the world, Jeff Bezos possesses a net worth of nearly $137 billion, most of which he acquired during the course of his marriage. Many have been wondering what the outcome will be, considering that Bezos did not have a standing prenuptial agreement in place. As a result, the terms of their divorce may vary depending upon the state in which they dissolve their marriage.
Individuals in the Millennial generation (those born between the years of 1982 and 2004) are more apt to ask their significant others to sign and complete a valid prenuptial agreement prior to marriage. A prenuptial agreement, or “prenup” for short, is a legal contract that is established between future spouses to protect their property and assets, especially in the event of a divorce.
Millennials are much more cautious than their generational counterparts (Baby Boomers and Generation Xers) because many of them are children of divorce. They witnessed what their parents went through and desire to ensure financial security and protection of their interests. Also, by the time millennials have decided to marry, many of them have acquired assets, such as property, 401(k) retirement plans, stock options, among others that they now want to protect in the event that the marriage fails.
Continue reading “An Increased Number of Millennials are Asking for Prenuptial Agreements”