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Prenuptial agreements gaining attention of millennials

Previous generations in Ohio might have focused on romance more than money when getting engaged, but members of the millennial generation are taking a more practical approach. The American Academy of Matrimonial Lawyers has reported that a growing number of millennials want prenuptial agreements. A survey conducted by the organization showed that 50 percent of responding attorneys had prepared an increasing number of the agreements for millennial couples.

One business owner explained that her desire for a prenuptial agreement arose from viewing marriage as a contract. She said that her fiance needed time to warm to the idea. He initially considered it a divorce contract but eventually accepted the practicality of deciding things ahead of time just in case they got divorced. By discussing finances before marriage, the couple had an opportunity to plan the repayment of his student loans.

The attorney representing her said that state laws essentially form a prenuptial agreement between all spouses. When couples decide the terms of divorce on their own, they retain power over their finances instead of leaving it to the courts to decide arbitrarily.

When people create a prenuptial agreement, both parties will ideally have access to independent legal representation. A person who wants to prepare a prenuptial agreement or who has been asked to sign one could consult an attorney who practices family law. An attorney could examine the person's financial situation and provide insights about how ending the marriage could impact property ownership, direct child custody or impose spousal support obligations. Information about legal rights could empower a person when negotiating the terms of an agreement. If disputes arise during discussions with the other party, an attorney might propose compromises that keep the process on track and produce equitable terms.

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