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Why millenials should have prenups

According to a nationwide survey by the American Academy of Matrimonial Lawyers, an increasing number of millennials are signing prenuptial agreements before they get married. In fact, 51 percent of the AAML members that were surveyed stated that there was a significant rise in the number of millennials requesting prenuptial agreements. Millennial couples in Massachusetts who are considering getting married should also consider the reasons completing a prenuptial agreement may be wise.

Prenuptial agreements are particularly advisable for individuals who have assets that they want to make sure remains separated from marital property or remain in the family if a spouse dies. The agreements are also necessary for individuals who possess their own businesses, especially startups that have the potential to grow during the length of a marriage and increase in value.

In addition to helping mitigate litigation costs if a divorce occurs, prenuptial agreements can also provide a form of intellectual property protection. It can simplify the issue and avoid expensive division by specifying any patents or trademarks that were obtained during the course of the marriage be considered separate property and belong solely to the specified spouse.

Individuals who own and operate a business can also safeguard their businesses' goodwill and reputation by having a prenup specify that the name a spouse has created for himself or herself in a particular industry is his or her own. The alternative would be expensive litigation using experts to determine the value of a business or personal goodwill.

An attorney can work to protect the interests of a client before and after a client's marriage. Drafting prenuptial agreements, engaging in divorce litigation and seeking child custody agreement modifications are just a few of the typical services a divorce attorney may provide. The attorney may also pursue fair spousal support terms.

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