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He’s gotten down on one knee and asked the question you’ve been waiting to hear your whole life. Now you’re wearing the ring on your finger and your whole life is abuzz with wedding preparations galore. Now is the perfect time to pop your big question — should we get a prenup?
Prenuptial agreements are legally binding contracts covering financial assets in the event of the divorce. Not exactly a romantic concept, especially in the midst of planning your big day. However, according to Business Insider, prenups are shedding their previous stigma and becoming more popular with the millennial generation. A survey of lawyers from the American Academy of Matrimonial Lawyers found that over 62 percent of lawyers experienced an uprise in prenuptial agreement requests from 2013 to 2016.
There are a few key reasons for the upwards trend. First, the millennial generation is getting married later than life. According to the 2017 U.S. Census (https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_12_1YR_B12007&prodType=table), the average age of marriage has risen from 25 to almost 30. This means that many people entering into their first marriage will have significantly more assets. Second, many millennials are children of divorced parents and have witnessed financial disagreements firsthand. While it is uncomfortable to discuss, there are several benefits to you and your partner getting a prenup before walking down the aisle.
1. Protect Your Assets
For many in the previous generation, a prenuptial agreement was only for the rich and famous. However, since millenials are spending their early 20s creating business endeavors and pursuing higher education, they have a lot more to lose. Additionally, since student loans have risen astronomically, prenuptial agreements can protect you from having to pay half of your spouse’s remaining debt in the case of divorce.
2. Save Time and Money
Divorce is an expensive endeavor and if the couple disagrees on every financial decision, the final cost could be hundreds or thousands of dollars. A prenuptial agreement can cut these costs by allowing couples to discuss these common disputes ahead of time to avoid a long painful court battle. Additionally, a prenup will shorten discussions about the distribution of assets, which is usually the most lengthy part of divorce proceedings.
3. Communicate Openly with Your Partner
There really no good time to chat about the logical possibility of impending divorce. When do you bring it up? After the proposal? Right before the wedding? At family dinner? If you and your partner can handle a discussion about finances, it’s probably a good sign that you both are ready to handle the delicate conversations that arise in a marriage.
Before you “say yes to the dress,” it might be a good time to be open with your partner and say yes to the prenup. Place some value in your own worth and protect it at all costs. At the end of the day, it’s a sound business decision — the romance can come later.
Talk to a divorce lawyer, like a divorce lawyer in Rockville, MD, to learn more about a prenup and whether or not you want to move forward in creating one.
Thanks to The Law Office of Daniel J. Wright for their insight into what a prenup is and whether you and your future spouse should get one.