Unlike years ago, prenuptial agreement is skyrocketing like never before. First comes love, and the next minute, a prenup is already in the discussion. As you may have already known, a prenup is a legal document that outlines how couples can share their assets after divorce. According to a study by Matrimonial Lawyer, prenup is on the rise, thanks to millennials.
A possible reason could be because millennials are getting married much later in life only to build up assets and debts of their own. When they get into marriage, they want to explore their options before committing to a lifelong relationship.
Here are others valid reasons prenups are on the rise.
1. Career Aspirations
Millennials grow up believing that everything is possible and that their dreams can become a reality. This mindset translates to a positive impact on their career, urging them to work harder into attaining even a seemingly unattainable goal. As they mature, they discover that reality is not always what it seems. However, one of the benefits is that prenup protects their assets and businesses, including catering for the financial aspect of the relationship.
2. Student Loans
According to The PEW Research Center, Millennials are the most educated generation to date, and they view graduate education as a necessity worth getting. Thus, they incurred more debt than previous generations to get it. In addition to other outstanding debts like car loans, home loans, and so many others, it makes sense that a Millennial wants to sign up for a prenup so that financial responsibilities will be pretty shared in the household.
3. Financial Savvy Millennial
Unlike decades ago, there is no longer a stigma attached to wanting a prenup. Therefore, the outlook is now positive as it brings certainty and security to the financial side of the relationship. Since prenup fosters honesty and openness in a relationship, signing up for a prenup is viewed as a platform where trust and good communication are established.
Hire legal help
If you and your spouse are ready to make it official, you both will need to hire a lawyer. However, hiring a lawyer isn’t cheap, depending on how complex the situation is. In some cases, it can cost over $2,600 per individual. If that seems a little bit high from your end, you can always explore other alternatives like Avvo, which charges $195 for a lawyer to review your document.
In most cases, a prenuptial agreement can bring the couples closer together. After a prenuptial agreement, the next thing will be popping some champagne and ensuring that your marriage works. If you think you’re ready to take this path, call 718-815-4500 or fill out the contact form to begin.