Photo cred: Ryan Holloway
Getting married should be one of the happiest events in a person’s life, but–as uncomfortable as it may sound–making plans for life after marriage can be crucial. While it may seem unnecessary or even impolite to think about divorce in the weeks or months leading up to marriage, divorce is a reality for many once happy couples.
If you are a millennial, you may have already considered whether a prenup makes sense for you. According to a recent survey, millennials are more likely to inquire about prenuptial agreements than any other generation. There are numerous reasons for this increase in prenuptial agreement inquiries, including a few we examine below.
Millennials see prenups as a backup plan, not as a predictor of divorce
Having a prenuptial agreement does not mean you have a lack of faith in your partnership, or that you are expecting to divorce. As mentioned by one couple in the above-mentioned article, a prenup can serve a similar purposes as insurance: protection in the event of an unfortunate situation.
Millennials have assets worth protecting
The millennial generation includes people born in the early 1980s, and some of them have waited longer to marry. As a result, many millennials enter marriage having already accumulated valuable assets, including real estate, investments, a business, or even pets. A prenup can ensure these assets stay with you, even if you divorce.
Millennials want to avoid painful decisions
Making difficult decisions about asset division or marital expectations when you and your partner are happy, cooperative, and committed to protecting each other can prevent considerable pain and frustration in the future. Divorce is difficult, and the division of assets often proves to be more contentious than people expect. Making decisions in that bitter environment can be incredibly challenging, and having a prenup provides critical direction, which is often an enormous relief.
For these and other reasons, having a prenuptial agreement can be a wise decision, whether you are a millennial or not. To ensure you have an enforceable, fair agreement in place, you can work with an attorney to prepare your prenup.