A prenuptial agreement can be a great way to ensure financial security prior to entering into a marriage. These documents, which essentially equate to a contract amongst soon-to-be married couples, can lay out various terms pertaining to property division in the event of divorce. It can also address alimony payments. This means that those who have a prenuptial agreement can enter into their marriage knowing exactly what is at stake in the event that a marriage fails.
Many people feel that prenuptial agreements are sparsely used nowadays, but this is far from the truth. In fact, the Millennial generation is spurring a spike in prenuptial agreement use. A recent study found that more than half of surveyed divorce attorneys say that Millennials are responsible for the increase in these legal documents. So why are Millennials seeking out prenuptial agreement protections with more frequency that previous generations?
One of the main reasons is that they are waiting to marry until later in life. Just since 2015 the median age at marriage has increased from 27 to about 30 for men, and from about 25 to about 28 for women. Many Millennials feel more financially secure at these older ages, which means that they are also entering marriage with more assets. In order to protect themselves and their soon-to-be spouse, these individuals are seeking the legal framework that a prenuptial agreement can provide.
Another reasons for an uptick in prenuptial agreements is the increase in the number of women who are earning significant incomes. With the income gap narrowing, more women are wanting to take action to protect their financial interests. A prenuptial agreement is a great way to do that.
Marriage can be a stressful, yet joyous event. While it can certainly reshape the emotional landscape of a relationship, it can also redefine the financial responsibilities amongst the individuals as well as the financial ramifications in the event that the relationship doesn’t work out. This is where prenuptial agreements can prove useful. Those who want to learn more about these important legal vehicles should consider discussing them with their family law attorney.