Prenuptial agreements are often seen as arrangements that only the wealthy need, but the truth is that anyone can benefit from them when they’re designed to fit your situation. Some people who are taking more time creating these agreements before marriage include millennials.
Millennials are an interesting group of people, because they are reaching the age where they’re marrying and having children. They’re old enough to have good jobs and careers. Why, though, is this group more likely to have prenuptial agreements created?
There are two reasons. The first is that millennials, and Americans in general, are getting married later in life. This means that they often have more assets and debt prior to marriage. Prenuptial agreements can protect both spouses from each other’s debts and can protect assets owned prior to marriage.
Another reason is because many millennials have already been through divorce as children. Knowing what their parents went through has made some happier to create a prenuptial agreement.
Prenuptial agreements are a good idea for anyone since they create a set of rules for how assets and debts would be divided upon divorce. With so many marriages ending in divorce, having that agreement in place can give people peace of mind. They know that if a divorce does take place, their legal agreement will help protect them and their interests.
While prenuptial agreements may to elicit feelings of distrust in some, the reality is that this agreement isn’t one that is only beneficial to a single party. With the right prenuptial agreement, both you and your future spouse can protect yourselves.