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Divorce: Do millennials liken prenups to auto insurance?

In the age of the millennials, the way that couples in Texas and other states look at marriage has undergone some changes. Many of them have held off on getting married until they have established lucrative careers and accumulated some assets, which often include real estate. Millenials also seem to be more practical in recognizing the probability of a divorce in the future, rather than avoiding the subject for fear of appearing prophets of doom.

Reportedly, more millennials sign prenuptial agreements than earlier generations -- not necessarily because they want to but because they acknowledge the need to protect themselves and their assets. Prenuptial agreements are no longer perceived to be a tool for wealthy couples or individuals who have received or are expecting to receive family inheritances. Rather than protecting wealth only, a prenup can protect the lack of wealth.

Anticipated circumstances can be included when a prenup is drafted, such as when one spouse plans to give up a career to raise the children when the time comes to start a family. It can also provide protection if one or both spouses have debts such as student loans, along with other situations in which one spouse could be financially jeopardized in the event of a divorce. Maybe millennials see prenuptial agreements in the same light as auto insurance, which is not taken out because they expect to crash but rather because they realize that they could be involved in a collision sometime in the future.

However, there are requirements for a prenuptial agreement to be valid. For that reason, the support and guidance of experienced Texas divorce attorneys are essential to represent each party. This will ensure the concerns of both are addressed in the agreement, and it will likely hold up in court if it is ever challenged.

Source: refinery29.com, "Here's Why Prenups Are More Popular With Millennials", Sarah Midkiff, Dec. 6, 2017

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Vernier & Associates, PLLC
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