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Prenups on the rise among millennials

On Behalf of | Jan 8, 2018 | Pre- And Post-nuptial Agreements

People in Michigan might be more likely to draw up a prenuptial agreement before getting married if they are millennials. According to studies, this generation is more likely to get prenups than previous generations, and there are a few reasons for this change.

Traditionally, prenups have been thought of as a way to protect family wealth, but this is not really the case with the rise in prenups among millennials. Instead, it is related to the later age at which more of them are marrying. Marrying later in life means each person has accumulated more assets and more debt than a younger person. A prenup can help protect a person from shouldering an ex-spouse’s debt in the case of divorce or either person from taking assets acquired by the other and brought into the marriage.

Another reason is that millennials are more aware of the possibility of divorce. It is not that they marry with that expectation, but a prenup can provide peace of mind in case the worst happens in the same way that an insurance policy can. The American Academy of Matrimonial Lawyers did a survey and found that prenups most often cover protecting separate property, dividing property and alimony.

A prenup is not an iron-clad guarantee that everything will go as planned. For this reason, it is important that it is prepared correctly so that it is not vulnerable to challenges in court. People who are preparing a prenup might want to talk to Oakland County prenuptial agreement lawyers about the document. One situation that can jeopardize a prenup is if one person appears to have not had sufficient legal counsel or seems to have been coerced into signing.