A prenuptial or antenuptial agreement is a contract between two people who, prior to marriage, wish to pre-determine how finances and division of assets will be handled in the event of divorce or death. More Americans, especially millennials, are choosing prenups to protect assets and financials in case of a divorce, legal separation, or death.

A postnuptial agreement is a contract between two married individuals who would like to make these same pre-determinations.

What is a Prenuptial Agreement?

A prenuptial or antenuptial agreement is a contract between two people who, prior to marriage, wish to pre-determine how finances and division of assets will be handled in the event of a divorce, legal separation, or death. A prenuptial agreement must be completed several days before the day of the marriage.

The basic requirements of a valid prenuptial agreement in Minnesota are:

  1. there is a full and fair disclosure of the earnings and property of each party, and
  2. the parties have had an opportunity to consult with legal counsel of their own choice. It is not required that both parties to have their own attorney, although it is highly recommended, and
  3. in writing, executed by the parties in the presence of two witnesses and notarized

But not all “relationship contracts” must be completed before the wedding. Couples sometimes realize they want to put certain considerations into writing after they wed. This is called a postnuptial agreement.

What is a Postnuptial Agreement?

A postnuptial agreement is a contract between two married individuals who would like to make these same pre-determinations.

Whether pre or post, the contract sets forth the rights of each person and is valid and enforceable if it meets the requirements of Minnesota law.

These requirements include:

Is a Prenup Right for Me?

If you are a millennial, chances are you have chosen to wait until your late 20s or early 30s to wed. You probably focused more on your professional career. As a result, you have more assets to protect. Also, though, you — and your betrothed — may have accumulated debt. A prenup and postnuptial agreement can address the division of debts as well as assets.

Many people, even some millennials, may be hesitant to discuss a prenup. They might fear repercussions from their partner or family members. They may dread disclosing some embarrassing financial revelations, revealing personal issues to an attorney, or unveiling unresolved relationship issues. These contracts may not be for everyone. But they are for more and more couples every year.

Many interested in prenups do not have family wealth to protect. Millennials are creating their own wealth through business startups and intellectual property like apps and software, etc. They want these accomplishments protected from a divorce or split-up.

This can be even more true for female millennials who are earning college degrees at higher rates, obtaining higher wages, and purchasing homes on their own more so than single men. Women may feel a greater incentive to protect what they have accumulated than ever before.

Now may be the best time for you to discuss, plan, and secure yourself for the future. The knowledgeable family law attorneys of Bolt Hoffer Boyd Law Firm can assist with drafting a prenuptial or postnuptial agreement or reviewing one drafted by your future or current spouse. Contact us at (763) 406-7000 to schedule a free and confidential consultation.