Millennials wear the crown for redefining relationships. They’re waiting longer to get married – if they deign to get married at all. Of the millennials who do commit to “for better or worse,” many are opting to include a prenuptial agreement in their union. This move is changing the perception of prenups.
The Point of the Prenup
A prenuptial agreement is a legal document that establishes a couple’s right to certain assets in the event of a divorce. A study conducted by the American Academy of Matrimonial Lawyers (AAML) found that 62 percent of divorce lawyers surveyed saw an increase in requests for prenups. Fifty-one percent cited millennials as responsible for the increase in prenups. The AAML also found that there is an increase in the number of women initiating the prenup discussion and request for the document.
Prenups have always carried a stigma. Many people think that the only couples who get prenups are those who expect to get divorced eventually anyway. The assumption is that their relationship must not be that strong to begin with – but that isn’t the case at all. In a world where divorce is a major reality, making a prenup is smart, especially for a generation that doesn’t want to be financially eviscerated by a potential split.
Prenups have also always been considered the domain of the wealthy. But not only affluent couples qualify for prenups. If you have personal assets that you want to protect from your spouse, a prenup is the safest route to take. Prenuptial agreements are protecting business interests, family inheritances, separate property holdings, and potential alimony claims.
Millennials Are Changing the Divorce Rate
Millennials may have the reputation of being stubborn and entitled, but they’ve learned a thing or two by watching the generations that have come before them. The marital experience is very different today. The choice to put the brakes on getting hitched is one of the reasons the divorce rate in the United States has dropped. And the choice to get a prenup when you do get married is a positive trend, no matter what generation you hail from.
Or Consider the Postnuptial Agreement
If you’ve already put a ring on it, it’s not too late to safeguard your assets or make some requests within the legal confines of your marriage. A postnuptial agreement is just like a prenuptial agreement – except this document is established after marriage. Why would anyone choose to do a postnup? Maybe you have come into a large sum of money, started a business, or your finances have changed dramatically in other ways.
Benefits of a Prenuptial Agreement
If you do ultimately get a Michigan divorce, a prenup or postnup is actually a big help – some of the biggest asset questions have already been answered. This kind of clarity can make moving forward with the divorce and the splitting up of assets a far simpler process.
Though making prenups seem like a positive thing for the future of a relationship is still an uphill climb for many people, this kind of document does make couples talk seriously about their finances, which is great preparation for a marriage. You might never talk about or think about your prenup again after you get hitched, but having it there is like an insurance policy for your union.
If you’re ready to talk prenups or postnups, contact the family law attorneys at Michigan Divorce Help in Macomb, MI, to schedule a meeting.