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The ins and outs of a millennial prenuptial agreement

For previous generations, prenups were the financial planning tools of the wealthy. They were used primarily to protect inherited wealth, and were written to favor the moneyed spouse at the expense of his or her marital partner. In fact, there were many cases in which parents or grandparents made a prenup a condition of an inheritance. Today, however, millennials in Colorado are rewriting the rules when it comes to creating the perfect prenuptial agreement.

Today's prenups focus on future financial prospects that stem from the unique skills and talents of the parties, not on inherited wealth. Couples are focused on protecting their intellectual property. They want to craft an agreement that is fair and balanced and that takes their future earning potential into consideration.

One way that they seek a fair outcome is by clearly addressing debt within the prenuptial agreement. In many cases, one or both parties have accumulated high levels of debt prior to the marriage, sometimes through achieving an education and sometimes while building a business. Each party might feel strongly that it is not fair to expect their partner to shoulder the burden of that debt in the event that the marriage ends.

Today's couples are looking for more out of their prenuptial agreement and have a different focus than previous generations. Fortunately, marital contracts are inherently flexible and can be tailored to suit a wide range of needs and desires. It is possible for a Colorado couple to create an agreement that is best for their particular set of needs.

Source: chicagotribune.com, "Why you're more likely to have a prenup than your parents were", Jonnelle Marte, Aug. 7, 2017

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