A survey from the American Academy of Matrimonial Lawyers (AAML) found that prenuptial agreements have become more popular in Texas and elsewhere in recent years. Of those who took part in the survey, 62% said that they saw an increase in the number of clients who sought such agreements for themselves. Those who participated in the survey also said that the increase was being fueled by millennials.
Millennials tend to wait longer before they get married, which means that they may have valuable assets to protect. In 1962, 90% of Americans were married for the first time by age 30, and in 2018, only 54% of Americans had gotten married at least once by age 30. This means that they may have retirement plans or investments in tech companies that need to be accounted for. A New York Post report found that 70% of millennials are invested in stocks or some other asset class.
Prenuptial agreements can be ideal for those who have investments as it can be hard to determine how much they will be worth in the future. Individuals who are making more money than their spouses may want to consider prenuptial agreements. This could guard against having to make large alimony payments or losing significant assets if a marriage doesn’t work out.
Negotiating the terms of a divorce before the wedding happens may not seem romantic. However, it may help a person protect his or her current and future wealth, and it might also help couples learn to communicate openly about their finances. An attorney may help to craft such an agreement, and it might a good idea to have it reviewed by legal counsel before it goes into effect. Doing so may help ensure that its terms stand up in court.