Years ago, the last thing many couples looking to tie the knot wanted to think about was the possibility of divorce. However, Millennials seem to be changing this trend, as many of them are signing prenuptial agreements before they get married.
This is because many Millennials are deciding to get married later in life and planning ahead in case they decide to part ways.
Some consider it a business deal
For many Millennials, officiating the marriage is more of a legal transaction rather than establishing life-long love. That’s why they set up prenups because they want to maintain their independence and personal finances if the relationship goes south. One of the big reasons they do this might be from seeing some of their parents’ split without a secure backup plan. According to a recent study, approximately one-third of Millennials grew up with single or divorced parents.
Millennials find multiple benefits in prenups
While some may think a prenuptial agreement is just a pre-divorce contract, that’s not always the case and it can be a smart move. Prenups can be especially crucial for partners in the following circumstances:
- They own their own business
- They plan to take time off of work to raise kids
- They have a significant amount of debt
- They have retirement options
- They hold a variety of stock options during the marriage
Partners should discuss matters before tying the knot
The most crucial factor in any successful prenup is timing. In this instance, couples who plan to get married may want to have this discussion sooner rather than later. If that’s the case, they may want to contact a family law attorney. They can often help couples evaluate their earnings and property and come to an agreement that works best for them.