Why Get a Prenup? Millennials and Marriage
Prenuptial agreements were rare a few decades ago. They were used mainly by rich people who did not want to lose everything in a divorce. That has changed in the past few years. Millennials are taking advantage of these handy agreements, regardless of their wealth or income. Prenuptial agreement use has increased fivefold in the past 20 years.
While these millennials may not be millionaires, they have a lot on the line. In the past, couples married in their early 20s and came into marriages with hardly anything to their name. The face of marriage, however, has changed dramatically since then. People are waiting longer and longer to tie the knot. They are thinking more about their finances and putting off events such as marriage and starting a family.
This is causing many millennials to wait until their 30s or even 40s to settle down. By this time, they have likely accumulated a lot of possessions. In the event of a divorce, they have a lot to lose. By getting a prenuptial agreement, they can protect their assets—and their debt, as student loan debt has now reached a record $1.5 trillion.
Changes in Prenuptial Agreements
Prenuptial agreements are viewed differently nowadays. In the past, they were seen as unromantic and even offensive. It created trust issues among couples.
Today’s millennials attach very little emotion to prenuptial agreements. They now see marriage as a business deal, and a prenuptial agreement helps protect all parties involved. Millennials are becoming smarter when it comes to money matters. They want to protect everything they have worked for. Prenuptial agreements tend to cover three main issues – inheritance, increase of value in the separate property, and community property division.
Millennials also see prenuptial agreements as practical. Many millennials are products of divorce. They have seen first-hand the struggles that their mothers and fathers experienced as single parents and they do not want that to happen to them.
While not every couple needs a prenuptial agreement, there are a few situations in which they can be extremely useful. They are good for those who:
- Own a property or business.
- Have retirement accounts.
- Own significant assets.
- Have significant debt.
- Have children from previous relationships.
- Live in a community property state.
If you are considering a prenuptial agreement, discuss the possibility with your partner sooner rather than later. This will give the other party time to voice their concerns and they will be more likely to agree if they are not feeling rushed or coerced into the situation.
Contact a Family Law Attorney Today
The divorce rate is hovering around 50%, so there is always a risk that your marriage could end in divorce. A prenuptial agreement helps protect your assets and helps you understand what to expect should the marriage end.
If you have a assets and are considering marriage, a prenuptial agreement may be in your best interest. Seek help from Brooklyn family law attorney Theodore Alatsas ESQ. He can assess your situation and draft a prenuptial agreement that fits your needs. Get started by calling our office today at (718) 233-2903.