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More millennials turning to prenups in event of divorce

In years past, the idea of putting together a prenuptial agreement, or prenup, was often met with resistance. After all, some couples felt that it meant they were starting out their marriages with the expectation that their unions would not last. Today, however, a growing number of millennials in Texas and elsewhere are embracing the protection that the prenuptial agreement affords in the event of divorce.

According to a census report in the United States, during the 1970s, around eight out of 10 people were married by the time they turned 30. However, last year, this same percentage was not reached until the age of 45. In addition, millennials are less likely to marry while they are financially broke. A recent survey indicated that over half of those in their 20s or 30s wanted to experience financial security before getting married.

With more millennials waiting to get married, more young people are likely to already have businesses or other valuable assets, such as condos, individually when they are ready to tie the knot. In addition, many young people have large amounts of debt today -- for example, due to student loans. Prenuptial agreements are helpful for addressing early on how a couple would like to separate their individual debt loads in the event they untie the knot down the road.

Those who are getting married may find comfort in knowing that, if things turn sour, a prenuptial  agreement can help with determining right away who gets to keep which assets. This can make the divorce process much faster and more amicable than it otherwise would be. An attorney in Texas can help with producing a prenuptial agreement that protects one's best interests.

Source: washingtonpost.com, "Why you're more likely to have a prenup than your parents were", Jonnelle Marte, Aug. 4, 2017

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