Twice as many millennials are keeping their finances separate after marriage compared to baby boomers and Gen X, and that’s not the only difference. Some Connecticut millennial couples may be among the growing number who are also making sure they have a prenuptial agreement in place prior to marriage. The American Academy of Matrimonial Lawyers reports that these are on the rise in general across all age groups but particularly with millennials.
Experts say that for couples who are worried about protecting their finances after a divorce, a prenup offers more protection than separate accounts. In an equitable property state like Connecticut, money earned by each spouse is usually considered to be the property of each individual. However, it is possible for an attorney to argue for this being marital property in some situations, and if this happens, the property could be divided equitably. This means a judge will attempt to divide the property fairly, which does not necessarily mean it will be divided 50/50.
A prenuptial agreement has the added advantage of giving couples an opportunity to be open about their finances. Couples who do not want a prenup might still want to document what assets they are bringing into the marriage. They should also keep inheritances separate from marital property.
Consulting with an attorney before filing for divorce can help some people anticipate what to expect financially during the divorce process. Making a decision about property division does not have to mean going before a judge. Some couples are able to negotiate a divorce settlement. This can have several advantages over going to court. It might cost less and be less stressful, and it can give the couple more control over the final agreement. It may also allow divorcing couples to pursue creative solutions that work for them.