Research has shown millennials are far more likely than past generations to utilize prenuptial agreements. Some common beliefs for this include the fact that many millennials decide to marry later in life, and as a result, they have more assets to protect before going into a marriage.
There are many protections to include in a prenup. Spouses can protect themselves from the other partner's debts and establish who will receive what in the event of a divorce. However, there are provisions you cannot include by law, and adding such rules can invalidate other aspects of the agreement.
1. Household responsibilities
A prenup is primarily for financial clarification. A couple cannot use the document to assign household chores or determine whether one spouse absolutely must take the other's last name. With these matters, it is preferable to simply have a conversation prior to marriage so that both parties are on the same page.
2. Provisions that encourage divorce
Some couples will include information that encourages the couple to divorce under certain circumstances. Judges heavily scrutinize such provisions to see if there is any language that offers a financial reward for divorcing.
3. Waivers for certain rights
Under certain circumstances, some courts in Minnesota will allow spouses to waive the right for spousal support in divorce. Judges will look to see whether such a waiver would be unconscionable or would create an undue hardship on a spouse to not receive those extra funds.
4. Details regarding child support and custody
No state allows a couple to decide on child support and custody prior to the marriage even beginning. The reason for this is due to the fact that the child's well-being is a matter of public policy. One spouse cannot waive all child custody because a court may determine it is best for the child to have a relationship with both parents. A court would never deny a child monetary support simply because language stating such exists in a prenup.