Why Younger Generations are More Willing to Get a Prenup Than Their Parents
People used to get married when they were in their early 20s, or even their teens. Now, the thought of getting married so young seems unthinkable to many millennials, who are getting married later than ever. Many are waiting to get married in their 30s, and some are even waiting to get married in their 40s. According to U.S. Census data, about 8 in 10 people were married by the time they reached 45 in 2016. In the 70s, the same number of people were married by the time they hit 30.
Getting married later in life means that you are – hopefully – more attuned to what you want and more mature to handle the demands of marriage. Ideally, that means the divorce rate will be lower. But getting married later in life also means you are likely farther along in your career, you may have more savings, and you may have substantial assets, such as a home or a business. Millennials who have seen what divorce did to their parents, or the generation before them, are taking those lessons to heart and are more likely to get a pre-nuptial agreement to protect themselves and their assets.
In the past, it was considered pessimistic to get a pre-nuptial agreement. It seemed to signal that one or both people in the couple were already foreseeing the end of the relationship. Some just thought it seemed to put a damper on the romance of the marriage to take out an insurance contract in case the big bet didn’t pay off. Now, couples are more realistic about what can happen if a marriage dissolves, and they aren’t willing to risk the financial security they attained before getting married if they are to divorce.
Prenuptial agreements aren’t just for those who have a huge family inheritance or who own their own business. More and more couples are getting them as a matter of course. As an experienced Franklin divorce lawyer, I help many people design a prenuptial agreement which protects their interests and gives them the peace of mind to go into their marriage focusing on nothing but love. They feel confident their financial security is protected so they don’t have to stay in a marriage that no longer serves them, and they don’t have to avoid making a commitment out of fear of devastating financial loss.
Getting a prenuptial agreement doesn’t mean you already think your marriage will end in divorce. You get insurance for your house without thinking it will be destroyed in a fire. You get insurance on your car even though you believe you’re a good driver. You recognize that you can’t foresee the future, even with your best intentions, so you put measures in place to protect against the worst.
Call me, Judy A. Oxford, at my Franklin office today at (615) 791-8511 to start planning your prenuptial agreement, or use my secure online form to schedule a consultation. I’ll help you put the right measures in place now so you can enjoy your marriage without worrying about your finances. And if you ever should divorce, your prenup should save you a lot of money and heartache later.