If you’re getting married in Tennessee, consider signing a prenuptial agreement to protect your assets in the event of a divorce. While previous generations tended to shun prenups, believing they were antithetical to a trusting relationship, more and more younger spouses are embracing these agreements. Having this contract in place can give you peace of mind in case the marriage does not last.
Why people sign prenuptial agreements
The definition of marital property is very expansive. Even though Tennessee is not a community property state, assets that you had before the wedding can still be subject to division if they are mixed with marital assets. This means that if you owned a business beforehand, it could be subject to division absent any kind of protection. The same goes for any other kind of assets that you owned beforehand.
Why more millennials are using prenuptial agreements
In general, millennials are waiting longer to get married. This means that they have often accumulated more assets before this time. They may also have debt in their name and need to specify who is responsible for what accounts. Furthermore, many millennials saw their parents get divorced when they were younger and do not want to go through the same experience themselves. Millennials have read for years about the high divorce rates and want some protection. In the past, prenups had a negative connotation, but they are now more accepted.
If it’s too late to set up a prenup, consider asking a divorce lawyer to help you negotiate a post-nuptial agreement. Each prospective spouse needs their own legal representation because one attorney can not represent both sides. The agreement needs to be correct because the other party may seek to challenge the agreement itself in the event of a divorce. This is where the help of a lawyer is vital.