Prenuptial agreements: A trend worth considering?

People in their 20s and 30s are unlike older generations in many ways, from their style and personal habits to their financial challenges and familiarity with technology. These differences extend to their relationships, as well.

For instance, according to recent surveys, millennials are more likely to have prenuptial agreements than previous generations.

Reasons behind the increase

As a recent article in the New York Times discusses, there are many possible reasons behind the increase in prenups among millennials.

First, they are getting married later in life. This often means they have more to protect when they enter a marriage, whether that is a house, a business or a child from a previous relationship. It is also important to know that many millennials carry debt, which they can also address with a prenup.

Millennials may also be more pragmatic about marriage than previous generations. They grew up in a time with high divorce rates and may have divorced parents themselves, so many appreciate the fact that nothing — even marriage — is certain to last forever.

Is a prenup right for you?

Despite the rising popularity in prenuptial agreements, they are not necessary in all cases. If you and your partner have similar assets and liabilities when entering a marriage and little or no separate property, then signing a prenup may not be a priority.

However, if you and your partner have disparate levels of wealth, different financial habits and specific views on marital expectations or alimony, a prenuptial agreement can be worth considering.

If you do decide to pursue a prenuptial agreement in Pennsylvania, then talking to an attorney can be wise so that you can learn more about how to create a clear, enforceable agreement. When valid, these contracts provide critical protection and guidance in the event of a divorce, so taking steps to ensure they are completed properly can be prudent.

If you are interested in learning more about prenuptial agreements, please get in touch with our office to set up a consultation.