Arizona couples considering marriage may benefit from a prenuptial agreement. According to a 2016 American Academy of Matrimonial Lawyers survey, prenuptial agreements are increasingly popular among Millennial couples. The survey found that 51 percent of the 1,600 AAML members acknowledged an increase in the number of prenups requested by marrying Millennials. The majority of the respondents also reported that this change has only taken place over the past three years.
When examining the cause behind the increased interest in prenups, it is important to look at the various ways in which Millennials are different from their predecessors. Millennials marry at a much later age on average than their parents. In some cases, Millennials who run start-up companies could also be looking to shield these assets from standard property division arrangements in the event of a divorce.
Some couples are hesitant to suggest a prenup out of fear of offending each other, but in most cases, they offer valuable protection. In fact, some prenuptial arrangements impose requirements such as obtaining marriage counseling before the couple can divorce, which can increase feelings of security in a marriage. Prenups can also be used to protect the intellectual property of each party in a marriage. This is an increasingly common issue for Millennial creatives and patent holders. Proper planning can also reduce the stress placed on a marriage and expedite the divorce process if the couple does not stay together.
A family law attorney may be able to provide valuable advice to individuals who are considering a prenup or those who would like help with the overall asset planning process. From protecting personal assets to setting the terms for a divorce, this is an important step to take before marriage. An attorney may also provide assistance with property division arrangements.