The millennial generation - those aged 18 to 35 -are tying the knot. For most young adults without children, a prenuptial agreement is the last thing on their minds, but depending on financial circumstances, it should be. Time magazine reports that more than half of the members of the American Academy of Matrimonial Lawyers polled saw an increase in the number of millennial prenups.
An increasing number of couples are recognizing the value of prenuptial and postnuptial agreements. The American Academy of Matrimonial Lawyers (AAML) has observed an increase in the use of both of these contractual arrangements, also noting that more women are asking for prenups. These arrangements are typically used to protect assets and real estate, address debt repayment, and safeguard any assets or provisions that may already be in place for children or former spouses in the event that this marriage ends. So, just how effective are these contracts when it comes to divorce?