Prenups are starting to become more popular, particularly for millennials. Is one really needed? According to generations before them, millennials do everything in different. This also includes marriage. A lot of millennials are deciding to get married later in life, or not at all. And the couple that are getting married oftentimes decide to get a prenup.
Sorry, prenups aren’t just for the wealthy anymore. Actually, some millennials are getting them for assets other than just money. Holding true to the “millennials value experiences more than things” cliche—prenups are typically created for “intellectual property” instead of physical assets.
Are you a millennial (or not) contemplating about getting a prenup? Keep on reading to find out if you actually need one.
How come millennials are getting prenups?
In a recent poll carried out by the American Academy of Matrimonial Lawyers, more 51% of the attorneys surveyed reported an increase in millennials wanting prenuptial agreements. Whereas the number of people overall has increased also, millennials are the largest populace wanting them.
What’s the reasoning?
One big reason is the fact that people have become more realistic about the high rates of divorces. Whereas its not over 50% like a lot of people like to believe, it still lingers around 40%. So it’s a good idea to get into marriage with a plan instead of spending a lot of money on lawyers for a divorce case.
There’s also a movement that comprise of things other than physical property in prenuptial agreements, as mentioned before. Michael Mosberg, a lawyer at a family law firm takes it like this: “I think there’s a heightened focus on the creation of something, whether that’s in the form of intellectual property or a business that they would establish in the future…They want to protect that idea.”
There’s also the notion that prenups can stop couples from bad mouthing each other after the marriage is over, in which can be especially vital for doctors, attorneys, and the like.
Do you really need a prenup?
Whereas prenups aren’t usually bad ideas, they aren’t always required. For couples that have significant financial assets on one side or the other, a prenup could be a wise idea. If not, in the event of a divorce one party might lose what was theirs from the beginning.
There are a number of other grounds to contemplate about getting a prenup. Specifically, divorce (devoid of a prenup) can severely impact your credit. If you’re hampered with spousal maintenance, your spouse’s debts, and are required to pay child support in addition to the living expenses you will endure, how much you have to dole out each month can quickly add up. And when you unable to pay, your credit score is impacted.
Student loan debts, or overall debt is reason enough to create a prenup. Because millennials have more student loan debt than the generations before them, couples that have debt or that believes they will incur additional debt should think about a prenup.
- More Millennials Are Getting Prenups – Here’s Why You Should Consider One Too. (n.d.). Retrieved November 04, 2020, from https://www.moneyunder30.com/should-you-get-a-prenup
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