A once taboo pre-marital agreement has become vogue amongst the millennial generation.
The prenuptial agreement or “pre-nup” is essentially a contract signed by soon-to-be-married parties that delineates how marital assets will be divided in event of divorce. In the past, the agreement was seen as something that does not go with the sacred institution of marriage, but young people see things differently – here’s why.
They’re getting married later
Millennials are waiting longer to get married; they’re going to graduate school, starting careers, and checking off their bucket list. In turn, getting married at an older age means entering marriage with more assets. A prenup is an affordable and efficient way to protect what they’ve worked hard to build.
Marriage as a practical matter
Past generations saw marriage as a sacrosanct cultural institution not to be sullied by mortal legal agreements. Millennials, on the other hand, see tying the knot as a practical matter in the same vein as choosing a career or university. It’s considered prudent to have back up plans in other facets of life, so why not with marriage?
They’re products of divorce
Most millennials were raised by baby boomers; a generation with an astonishingly high rate of divorce. They’ve experienced the pain of a messy separation once in their lives, so why not have a plan in place in the event happily-ever-after isn’t all its cracked up to be.
Prenups may seem straightforward, but they’re complex legal agreements that should only be drafted with professional help. A lawyer can anticipate how a judge is likely to interpret certain terms and can structure the agreement around your unique objectives.