Why Millennials Need Prenups—Avoiding A Costly Mistake
Prenuptial agreements are not a thing of the past. More and more millennials are entering into marriage the smart way, with prenuptial agreements. Learn the definition and important advantages of a pre-marital arrangement in Florida with Brodie & Friedman, P.A..
What Are Florida's Prenup Laws?
In Florida, a prenuptial agreement, also called a “prenup,” or “premarital agreement” is a contract between two people who intend to become legally married that pre-determines how key issues, such as property division, will be settled during divorce. The specific stipulations outlined in your prenup will supercede the default terms of marriage for those designated line items.
Who Needs a Prenuptial Agreement?
Prenups still make regular appearances in High Net Worth marriages among the wealthy and famous, yet they make excellent tools for any couple looking to capture some certainty for their future financial obligations, particularly when personal debt exists prior to marriage.
THE #1 MOST IMPORTANT THING TO KNOW ABOUT FLORIDA PRENUPS
Prenups can be a good thing! And they should not be seen as a “sore subject” to discuss. Instead, prenuptial agreements are part of a healthy conversation that should take place at the onset of every engagement. Along with long-term planning and commitment between two people, a “premarital arrangement” can be the foundation for a very happy marriage. Laying the groundwork for financial responsibility will help to stabilize your long-term relationship, helping to ensure the stipulations of your prenup never come into play.
WHY ARE MILLENIALS HAPPILY GETTING PRENUPS?
More and more Millenials are marrying later in life, often waiting until their 30’s to tie the knot—and a lot can happen in that span of time. One sure-fire trend we see is that “College-educated professionals carry much more debt early in life than previous generations,” says Jason Brodie. “Cost of living combined with student loans for undergrad and graduate work make up a huge percentage of debt for millenials.” Not wanting to add to rack up anymore personal debt is basic consideration for anyone today—sitting down with a lawyer helps ensure this conversation takes place in an equitable and fair manner before marriage. “Many individuals do not realize that debt, just like the house or car, is one of those things that can be split between both parties in a divorce. If one party comes in with medical school loans of $250,000 it is not fair to ask their spouse to carry that burden if their marriage comes to an end.”
The new landscape of marriage is the result of many social changes that did not exist for previous generations. Prenuptial agreements heavily favored male “bread-winners” for many years, but now it is much more common to see dual incomes in the household.
“Younger generations are not looking at this from behind rose colored glasses, they’ve seen their parents, or their friend’s parents get divorced—I think they are actually seeing things really clearly and making a practical decision with honesty and good intentions at the heart of it.”
Brodie & Friedman P.A. highly recommend a prenup consultation for Florida couples where either individual may:
- Own a business or property
- Owe significant debt
- Hold stock options
- Have significant retirement investments
There are also several implications resulting from a previous marriage, particularly when kids are involved, when a premarital contract is extremely important.
Due to the delicate and important nature of a prenup it is a healthy idea to start the conversation earlier than later, and to involve professional counsel as soon as possible to guide you through the considerations and details of an appropriate Florida Prenuptial Agreement. Contact Brodie & Friedman P.A. today to begin the conversation.’
With over 20 years of combined experience, Jason Brodie Esq. and Joshua Friedman Esq. will guide you toward realistic goals and provide committed advocacy toward achieving them. They are known throughout South Florida for dedicated client service, tenacity and success in complex divorce litigation involving property division, child custody and spousal support.
To get a better understanding of the qualities our reputation is built on, contact our office in Boca Raton to schedule your initial phone consultation (561) 392-5100