With the recent surge in unemployment due to COVID-19, people are less certain than ever about the security of their money and assets. This is something that couples should keep in mind when planning for the future together. Prenups, also known as prenuptial agreements, can sometimes be beneficial in situations like this. 

 Even before the pandemic began, prenups were becoming increasingly popular with millennials. Couples use prenups as a way to agree on various issues like how property will be divided and whether or not spousal support or alimony will be paid should they divorce. Talking about these issues may not be fun, especially while trying to plan a wedding during a global pandemic, but prenups can prove to be very worthwhile. 

 The stereotype of prenups being only for celebrities and prominent public figures seems to be a thing of the past. Many millennials now take prenups into consideration while planning their futures. This is especially due to the fact that people are marrying later in life and have had more time to acquire assets. 

 A few things you should know about prenups…

  • They are complicated legal documents – it is generally recommended that each party have his or her own attorney.
  • They must be in writing and signed by both parties.
  • Both parties must enter into a prenuptial agreement voluntarily.
  • Both parties must fully disclose their assets.
  • They cannot provide a limit for child support or rights related to children.
  • They become effective upon marriage.

 If you or someone you know is considering getting a prenup or would like to know more, contact one of our experienced family law attorneys to schedule a consultation.