For many years, the popular belief was only the rich and famous would execute prenuptial agreements before getting married. That traditional line of thinking quickly diminished when people began realizing the benefits. However, one key misconception remained: The idea that only older adults consider prenups, especially those walking down the aisle for the second time.
The truth is, the number of millennials requesting prenuptial agreements is on the rise, as more than half of divorce attorneys indicated they saw an increase among individuals born between 1981 and 1996.
The trend of young people and prenuptial agreements may come as a shock, until you learn the benefits and underlying factors driving their decisions. A Chicago prenuptial agreements lawyer can advise you on the specific advantages for your situation. Here is a helpful overview.
Factors Driving the Rise in Prenuptial Agreements
Two primary reasons for the uptick in prenups among younger individuals will probably come as no surprise. In general, Americans are tying the knot later in life, so they have had more time to accumulate assets – as well as debt. In addition, many millennials are children of divorce and they are more likely to take proper measures to protect their own interests before getting married.
Reasons to Consider a Prenup at Any Age
Younger couples may have different reasons guiding their decision to sign a prenuptial agreement, but the benefits extend to people of all ages who will be getting married. They include:
Higher Stakes for One Partner: When one person is bringing more to the marriage in terms of wealth, a prenup is a smart move. Even though assets acquired before the wedding date are considered non-marital, separate property, the lines can become blurred.
Investments and Plans to Invest: If either partner has significant investments, real estate holdings, retirement accounts, or stock options through an employer, a prenuptial agreement serves to protect your future.
Business Interests: When one partner operates a business before marriage, it is important to address it and include specifics on how it will be handled in the event of divorce.
Family Considerations: Many new couples will want to have children, which might mean one will forego educational or employment opportunities to dedicate time to the family. Your prenup cannot determine custody or visitation since a court must decide these issues. However, you can agree to an arrangement that considers the lost opportunities one partner gave up.
Trust a Chicago Prenuptial Agreements Attorney to Assist with the Process
After reviewing the benefits, you can see how couples of all ages would be wise to consider drawing up a prenup before the wedding day. However, you should never try to handle the situation on your own. Your interests are better protected when you have a skilled lawyer to advise you, assist with drafting, and review a prenuptial agreement presented by your partner. For more information, please contact Michael C. Craven at (312) 621-5234 or via our website to schedule a consultation at our offices in Chicago, IL.
