According to a recent survey of the American Academy of Matrimonial Lawyers (AAML), family law attorneys are seeing an increase in the number of millennials requesting premarital or prenuptial agreements (“prenups”). In addition, 62% of the attorneys surveyed reported an increase in the total number of clients who are seeking prenups in the past three years.
What is a Prenup?
A prenup is a contract signed by two people prior to getting married that addresses how each spouse’s property rights and financial affairs will be handled in the event of death, separation, or divorce. According to the AAML survey, the top three items most commonly covered by prenups are protection of separate property, alimony/spousal maintenance, and division of property.
In the recent Time.com Money magazine article “Prenups Aren’t Taboo for Millennial Couples,” Allman Spry partner and family law specialist Joslin Davis is quoted discussing the increase in prospective millennial spouses seeking prenups. Ms. Davis states that millennials “are particularly choosing prenups as the best option to cover separate property holdings, business interests, anticipated family inheritances, and potential alimony claims.”
Ms. Davis was additionally quoted in the Bustle article “More Millennials Are Seeking Prenups, And Are Reasons to Consider One” as saying, “Couples are getting married at later ages these days and are consequently entering their relationships with more to protect in the event of a divorce. A prenuptial agreement often represents the most effective way to address these concerns and safeguard individual assets before exchanging vows.”
Prenuptial Agreements in North Carolina
In North Carolina, prenups are governed by the Uniform Premarital Agreement Act. Information on the formalities, content, and enforceability of prenups can be found in Chapter 52B of the North Carolina General Statutes.