The phrase “prenuptial agreement” can be an uncomfortable subject to introduce into a relationship dialogue. Lately, however, that is not the case. According to a recent article, there has been a jump in the number of prenups in the last several years, and millennials are the reason.
Prenups are legally binding contracts signed before marriage. Their purpose is to set expectations for the distribution of wealth and assets should the union end in divorce. What is driving millennials to choose prenups, according to the article?
One reason is that they are marrying later, and therefore accumulating more assets individually, from 401(k) plans to property, stocks and even business start-ups. Millennials also are bringing student debt to their relationships, which will become the responsibility of a spouse (or ex-spouse) unless there is a prenup in place.
Another reason is that millennials understand the possibility of divorce because one-third of them are children of divorced parents. Having witnessed firsthand the breakup of a union, they may be encouraged by that experience to protect their own assets.
Historically, prenups were often used by already-wealthy individuals to protect family money or business already in place. The new trend is for millennials to use prenups to protect future plans and dreams.
Overall, a prenuptial agreement can only benefit the couple, making divorce, should it occur, less contentious. Prenups allow couples to take control of their future, rather than depend upon state laws to determine their fate.
If you need advice on establishing a prenuptial agreement in Bucks County, it helps to have an experienced and thoughtful attorney on your side. Call us at 215-340-2207, or email firstname.lastname@example.org.