Prenuptial agreements have been around for years, dating back to the early days of ancient Egypt. The Ketubah, an ancient Hebrew marriage contract, dates back over 2,000 years which was one of the first legal documents giving protection and legal rights to newlywed wives. Prenuptial agreements have primarily been used as a way to ensure women received some property in the event of a divorce or their husband’s death. But as society changes, the wealthy have become the representatives of the modern prenups, as a way to rightfully distribute assets if a divorce should occur. However, lately, there’s been a rise in the millennial generation signing a prenuptial contract prior to their marriage.
Why are so many millennials drafting up prenups?
Prenuptial agreements aren’t only for the rich and famous. From 2013 and 2016, according to the American Academy of Matrimonial Lawyers, there has been a 62% increase in prenuptial agreements with 18 to 34-year-olds. A possible reason as to why there’s been an increase in prenuptial agreements amongst the millennial generation is because they’re getting married later in life and have had a few years to build up their assets. With that in mind, by drafting up a prenup, they can ensure their assets will be secure in case of divorce. In addition to keeping their assets safe, more millennials are paying off student loans, which can be covered in a prenuptial agreement. This way, the couple can come to an agreement on who will be responsible for the student loans, or if it will be a responsibility the couple will share. Finally, more millennials are children of divorce, and have witnessed their own parents go through divorce proceedings without a secure plan for the future. This has led millennials to be more realistic regarding divorce, accepting there is a possibility it may happen to them.
Why should I consider getting a prenuptial agreement?
It can be difficult to discuss getting a prenuptial agreement, as no one wants to think about the possibility of divorce before they’re even married. However, a prenuptial agreement can be beneficial to consider if you:
Own property or a business
Have children from a previous marriage
Have significant debt
Have an inheritance
Of course, these are not the only reasons to consider a prenuptial agreement, as every relationship is different. However, it’s important to consult with your partner before approaching a lawyer. A prenuptial agreement has to be agreed upon by both people in the relationship and cannot be one-sided, otherwise it won’t be admissible when the time comes to address it. Overall, a prenup can help a couple avoid future arguments regarding finances and help the couple work as a team to determine an equal arrangement. It can also help take the stress off the couple throughout the divorce process, making it easier to navigate the process.
If you have questions regarding prenuptial agreements, the team at Lift Legal would be pleased to answer them. Contact us today for a consultation.