More People Seeing the Value of Prenuptial Agreements

Prenuptial agreements certainly have a stigma attached to them. According to some, they are unromantic and a sign that one or both of the parties do not expect the marriage to last. However, this stigma is entirely unwarranted. In fact, many people in Colorado and nationwide these days are starting to see the value in executing a prenup.

Those in the millennial generation are waiting longer to get married than previous generations have. Therefore, when they do marry, they both have often already cultivated a successful career and they may have accumulated a significant amount of assets (and, sometimes, a significant amount of debt.) They understand that they have more on the line should the slim chance occur that their marriage ends in divorce. Therefore, they may be more willing to enter into a prenuptial agreement.

Per a U.S. census report, in the 1970s, approximately eight out of every 10 people had wed by the time they reached age 30. Fast forward to 2016, and approximately eight out of every 10 people were wed not by age 30, but by age 45. Moreover, a survey conducted in 2015 reports that over 50 percent of individuals in their 20s and 30s reported that they felt it was important for their finances to be secure before they would consider marriage.

Couples these days can use prenups to protect the assets they have built up prior to marriage. However, a prenup can also be used as a means of protecting future earnings. Finally, as more young people these days have a significant amount of student loan debt, prenups can help couples determine how to split this debt should the marriage not last.

As this shows, there are good reasons to enter into a prenup. Prenups can not only protect a spouse's financial interests in the event of a divorce, but they set the stage for honest and open communication about money and property, topics that will inevitably come up during the marriage. Centennial couples considering a prenup may want to consult with an attorney to ensure the final agreement is legally sound.

Source: Sentinel & Enterprise, "Why today's couples seriously consider a prenup," Jonnelle Marte, Aug. 20, 2017

Tags: Divorce

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