Minnesota students who get married might want to consider creating prenuptial agreements. This may be particularly true for students who are in law or medical school. Even if these students do not yet have assets, they might have significant debt. They may also have a strong likelihood of significant earnings in the future. Both of these things should be taken into consideration when creating a prenup.
The prenup will lay out how the couples expects to divide property in case of divorce. Preparing it can allow a young couple to have an honest conversation about finances. This includes not just their debts and assets but attitudes toward money. It can also be an opportunity for individuals to learn more about their own finances.
Another consideration is how the prenup might play a part in estate planning. Younger people may want to consider whether they would like all or some of their assets to go to their parents instead of to their spouse. However, a prenup that addresses these issues should not stand in for an estate plan.
There are several other things couples should keep in mind when creating a prenuptial agreement. These agreements are not airtight, so it is important to prepare them correctly so that they are less vulnerable to court challenges if divorce occurs and one spouse decides the prenup is unfair. In fact, that fairness is one important element of a prenup. If the document appears to be significantly one-sided, a judge may dismiss it. It should also be clear that both parties fully understood what they were agreeing to and that there was no coercion. Sharing the same attorney for the prenup or preparing and signing the document right before the wedding could indicate that either one person was insufficiently briefed about the prenup or that there was pressure to sign it.