With the rising rate of married couples calling it quits, more and more individuals are choosing to request prenuptial agreements, according to a recent survey. Specifically, more and more millennials are requesting these agreements in order to benefit them should they get a divorce. Texas residents may be surprised to learn that over half of the attorneys surveyed acknowledge a boost in how many millennials had requested a prenup and only 2 percent noticed a decrease for the group composed of 18- to 34-year-olds.
Around 62 percent of those polled noted an increase over the last three years. That result followed a roughly fivefold increase for prenups over the last 20 years. It is thought that as millennials are getting married later, they may have more that they believe needs protecting should a divorce occur. Almost one-third of all American millennials stated that they were getting married later due to financial obligations, while 38 percent were postponing having children, according to a different survey.
The three top areas typically covered by these sorts of marriage contracts include a provision to protect the increase of a separate property’s value and protecting inheritance rights, as well as community property division. Another factor that comes into play is that experience could play a role. That is, as many millennials experienced divorce first hand because their parents are divorced, they are, therefore, already predisposed to the idea of protecting their interests with prenuptial agreements.
Anytime an individual has accumulated some wealth and is considering getting married, most experts would advise that getting a prenuptial agreement is a good idea. A prenuptial can help to protect an individual’s assets and property in the event of divorce and is a consideration before marriage that should not be taken lightly. To learn more about prenuptial agreements, an experienced Texas family law attorney is typically consulted.
Source: CNBC, “Before saying ‘I do,’ more millennials say ‘prenup’“, Jessica Dickler, Nov. 25, 2016