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Millennials, Financial Planning, and Prenuptial Agreements

Ohio couples understand that many major decisions need to be made regarding their future no matter their age. The millennial generation, although considered carefree, is one to consider various important issues regarding assets and finances prior to marriage. These concerns are often memorialized in a legal document, and more and more millennials are using prenuptial agreements when they get married, even if they are not wealthy or do not have a hefty inheritance coming their way.

In addition to discussing a prenup and what it will contain, there are some financial issues that should be discussed prior to marriage. This will not only help couples prepare for their married life and drafting their prenuptial agreement, it will also protect them in the event of a divorce.

First, the couple should prepare for what-ifs. This means major financial planning for times of wealth and how they will deal with debt. Furthermore, this will reveal the money philosophies each spouse has and determine if they are financially compatible. In addition, this could help them explore what should be included in a prenup.

Next, couples should come up with a debt strategy. It is very common for a millennial to have student loans. Moreover, student debt sometimes causes people to accumulate credit card debt. These issues should be discussed and addressed. A prenup could help assign liabilities.

Third, it is important that couples establish boundaries. It is not uncommon for millennials to live paycheck to paycheck. This fact also makes it difficult for them to fully consider a prenup due to the costs associated with drafting and filing one. But this should not be discouraging because it could be very helpful in determining who gets what and what property is considered separate property or marital assets.

There are other considerations, too. Taking the time to consider finances is important for any married or soon-to-be married couple. Those considering a prenup should understand their rights and options. It is important that couples take the time to address all issues and concerns so they can avoid invalid prenups or post-divorce disputes if possible.

Source: Huffington Post, "4 Financial Issues Millennials Need to Discuss Before Marriage," Graham Ober, Dec. 22, 2014

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