In the past, prenuptial agreements have often been stigmatized and seen
as “unromantic” by couples who felt such an agreement was
signaling that they intended to end their marriage. The millennial generation
have been turning these views on their head, and more 20- and 30-somethings
have prenuptial agreements than their parents did. But why are more young
adults turning to prenups?
Millennials are marrying far later than previous generations, which means
they often are marrying at a time when they have their own careers, assets,
and savings. Commonly, millennials are delaying marriage until their 30s
or later. Many express the desire to be financially stable before they
contemplate marriage, but it is taking millennials far longer to achieve
a stable status.
In the current economy, many young adults are struggling with a lack of
jobs, increased education costs and student debt, and a soaring cost of
living. Because of the financial obstacles facing them, it takes millennials
more time to reach a comfortable financial position to move forward and
begin a marriage. Increasingly, marriage is being viewed as a financial decision.
In the current economy, it isn’t uncommon to see an app or
small business explode and suddenly become very lucrative. Prenuptial agreements are
helping millennials protect themselves in the event they experience a
sudden boom. Many young adults are exploring entrepreneurship over a traditional
careers, so separating their personal assets and debts from those of their
partner becomes even more important.
The cost of education has skyrocketed, while a degree has become a minimum
qualification for many entry level positions. As a result, many millennials
are taking our enormous amounts of student debt to finance their education.
When it comes time to marry, it isn’t surprising that millennials
are trying to protect themselves from their partner’s debt and vice
versa. A prenuptial can be used to determine how debt will be divided,
should a divorce occur.
Prenuptials are a powerful tool for
estate planning as well. For family businesses and entrepreneurs, a prenuptial agreement
can help them guarantee that their business will pass to their descendants,
and can help keep assets in the family. This also can be useful to protect
family heirlooms and properties. As many millennials are preparing to
take over family businesses, a prenuptial may need to be a part of these
preparations to allow peace of mind to their parents and family members.
Learn How a Prenuptial Can Benefit Your Estate Plans - (972) 200-3078
At the Law Offices of Dan Chern, P.C., we have helped families prepare
their estate plans for nearly two decades. If you are a business owner,
have considerable assets, have a blended family, or other special considerations,
our experienced Dallas estate planning attorney can assist you in forming
an estate plan that is tailored to your needs. Discover how we can help
by scheduling a
confidential initial case evaluation.
Contact our firm today by calling (972) 200-3078.