Millennial Money: Do you need a prenup?

By DALIA RAMIREZ of NerdWallet

There’s a common misconception that prenuptial agreements are only for protecting the assets of an ultra-wealthy person from their spouse, but they can do much more. Prenups can protect spouses from each other’s debt, preserve an inheritance for children from a previous marriage and ensure survivors’ benefits. They can also spark necessary conversations about finances in your marriage and help both partners address potential challenges upfront. By defining how assets, debts and even potential spousal support will be managed, prenups can significantly reduce conflicts and legal costs down the road.