Prenups taking off again as millennials wait longer to marry
Prenuptial agreements are becoming more common before millennial couples wed.
Millennials are often blamed – fairly or not – for “killing” everything from cheap avocados to sit-down dining restaurants, and the diamond industry to minimum wage. Millennials haven’t yet “ruined” the wedding industry, as they are still marrying at approximately the same rate as previous generations, but they are waiting longer in life to do so. Many millennials are waiting until their 30s to marry, while their parents typically married in their early 20s.
This has led to a boom in the number of couples coming into marriage with more assets (and debts) than before, and requesting prenuptial agreements to set out property issues prior to taking the proverbial plunge. Millennial women are also breadwinners more often than many of their predecessors, often bringing home more of the proverbial bacon than their partners. In addition, many more millennials are the children of divorce than some prior generations, so that alone might be influencing their decision to seek prenups at a higher rate.
The impact of higher rates of prenuptial agreements
So, we’ve now established that prenuptial agreements are more common nowadays than in years past, due mainly to millennials seeking them prior to tying the knot. The next step is to determine what, if any, impact those prenups have on the divorce industry as a whole. Contracts between prospective spouses, provided they are made without duress and are not based on false or incomplete information, are given a wide berth by family courts.
Prenups are designed to make the divorce process, in a word, easier. Like many other things in life, though, things aren’t always that simple. While it is true that a prenuptial agreement can serve as a guideline for property and debt division in the event of a divorce, there are some things that a prenup cannot do. For example, prenups cannot negotiate away child support payments, nor can they determine child custody.
Even though there are some limitations, prenups are still extremely valuable. They are particularly helpful for people who have:
- Significant personal property
- Individual debts (like student loans, substantial credit card debt, etc.)
- Own a business or real estate
- Are expecting a family inheritance or other windfall
- Have children from a previous relationship
- Anticipate receiving stock options, an insurance payout or the proceeds of a lawsuit during the marriage
If you have questions about how an existing prenuptial agreement will impact your divorce, reach out to an experienced family law attorney. In the Riverside, California, area, contact the law firm of Cullen & Murphy. You can call them at 951-824-6449 or send them an email.