Usually, we associate prenuptial agreements, often referred to as a "prenup", with the filthy rich. That stereotype is no longer an accurate depiction of individuals who need to consider executing a prenup before marriage, especially with millennials. More and more millennials are preferring to enter marriage with a prenup, and although we usually see those prenups as negative, they actually don’t have to be.
Executing a prenup when you are happy and thinking clearly is the best way to plan for the future. It shouldn’t be a “condition” of marriage; it should be two people working together as a team to ensure that their futures are well planned. Ironically, the discussions that you have while developing the prenuptial agreement may even strengthen your bond as you work together toward a common goal of a lasting marriage.
The following things should be considered when determining if you should get a prenuptial agreement:
Protection from your spouse’s accumulated debt;
Stability for a child from a previous marriage;
Facilitation of gift and estate tax planning;
Clarifying rights and responsibilities during the marriage;
Avoiding nasty arguments in the case of divorce;
Protection from student loan debts;
Determination of marital and non-marital property; and
Protection from legal ramifications of death.