Not too long ago, prenuptial agreements were something movie stars and the very rich required before tying the knot. Then came the millennials. Research has shown that millennials increasingly sign prenuptial agreements in order to protect their belongings in case of divorce. Experts in family law are of the opinion that the following four words — delay, divorce, dynasty and debt — may be four of the main reasons why Texas millennials believe that prenups are the way to go.
Let’s consider these four reasons. Delay refers to the fact that millennials tend to tie the knot at a later age than the generations before them. This means that, when the time comes for them to get married, they are mostly financially secure. At the same time, independence and financial equity are important to many millennials. The second reason is based on the fact that approximately 50 percent of millennials have parents whose marriages failed; therefore, they have firsthand experience with the turmoil of deciding who gets what and the accompanying emotional hardships families may go through.
Closely linked to marrying later in life is the time this gives millennials to accumulate debt. While credit card debt is one possibility, study debt is another aspect to consider. Many millennials are weary of the possibility to take joint responsibility for debt that they did not make. The last d-word to look at is dynasty. In this case, requiring a prenup is founded in the encouragement of the parents in order to protect a future inheritance or family business from outside interference.
While many of the reasons for millennials reverting to prenuptial agreements can also be solved or dealt with in other ways, such an agreement does simplify matters in case of a divorce. Millennials considering walking down the aisle may benefit from a consultation with an experienced Texas family law attorney. An attorney is ideally situated to advise on the suitability of an agreement as well as the required content.