Forward-thinking millennials prompt spike in prenups
14 December 2016
Millennials seeking to protect money they have not yet made is leading to a spike in the demand for prenuptial agreements amongst 18-35 year olds.
The research comes from the US, where more than 50% of family lawyers have apparently reported seeing an increase in interest from this age group over the past three years (reported here).
These millennial couples are choosing prenups as the best option to protect their separate property interests, business interests and anticipated future inheritances. In some cases, they are seeking to ringfence the money they might make from their intellectual property, for example creative projects that are in their infancy at the time of the marriage.
Whilst the legal status of prenuptial agreements is different in the US (where they are legally enforceable in most states) compared with England and Wales, millennials in England and Wales face similar issues over property holdings and inheritances.
Because prenuptial agreements remain legally unenforceable in England Wales, it is not possible in this country to make a binding agreement which cannot be interfered with by the court in the unhappy event of a divorce. However, there are ways to ensure the best chance of a prenup or postnup being upheld, particularly in relation to the ringfencing of "non-matrimonial" assets, (including pre-acquired wealth, family gifts and inheritances) and these are discussed here.
Maeve O'Higgins Family Law Partner, Burlingtons Legal |
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