Why Prenuptial Agreements Have Become More Common
Think prenups are only for the rich, famous, or woefully pessimistic? Think again!
An increasing number of people from all age groups are looking at prenuptial agreements in a new light as they get smarter about the age-old concept of marriage and prepare for whatever life throws their way.
Prenups Over the Decades
A recent American Academy of Matrimonial Lawyers survey revealed that 62 percent of lawyers have been seeing increases in the number of people interested in prenups. This is five times the number of prenups being pursued in the past 20 years, which is a significant jump among people entering new marriages.
Modern marriage looks a lot different than it did in the 1950s, 1980s, or even the early 2000s. The social dynamic around marriage has changed, causing prenups to become trending especially with the millennial generation.
Why Prenups Are More Common Now
Young adults are getting married later in life, which means they may have more assets to protect and oftentimes a greater sense of independence and self-sufficiency. The high student loan debt that is so common these days is also a factor for the increase in prenups. Many people grew up with divorced parents so the concept of divorce isn’t as taboo as it once was generations ago.
Meanwhile, adults are living longer and often outliving their spouses, which leads them to remarry later in life. This is a time when there are even more assets to protect, as well as complex family situations to negotiate.
Who’s Likely to Get a Prenup?
The biggest jump in prenups is in the millennial generation, but adults in the baby boomer generation are considering the benefits of prenups more now too. Couples who have ventured into entrepreneurship and gone into business together often seek a prenup to protect their finances in case their working/living relationship suffers. Partners who are financially secure before getting married often get prenups to protect their assets and future income without burdening the other person with high personal debt. Older adults may also get prenups to handle retirement assets and potential nursing home costs in the future.
Benefits of the Prenuptial Agreement
Regardless of age or income bracket, here are some of the benefits of a prenup that may be desirable for your relationship:
- Protect shared entrepreneurial endeavors
- Safeguard a family inheritance
- Make decisions about individually owned homes and businesses
- Limit liability for credit card or loan debt
- Plan ahead for a partner’s gambling habit
- Avoid expensive and emotionally charged court battles
Changing Perceptions About the Prenup
Years ago, signing a prenup had a negative connotation and a sense of pessimism that divorce was just around the corner. However, perceptions about prenuptial agreements have changed and more people are open-minded about discussing prenups with their partners.
To learn more about how a prenup works, what it covers, and how to make sure yours stands up in court, contact Alalsas Law Firm. We want to make sure that you and your partner are fully prepared for the ups and downs of marriage and have the legal support you need in the future. We have helped couples of all types agree upon prenups that work for them, and we look forward to serving you too in Brooklyn.